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Tesla reports $702 million loss in first quarter

Kirsten Korosec
Tesla reports $702 million loss in first quarter

Tesla reported Wednesday wider-than-expected loss of $702 million, or $4.10 a share, in the first quarter after disappointing delivery numbers and other setbacks and costs threw the automaker off of its profitability track. When adjusted for one-time losses, Tesla lost $494 million, or $2.90 a share, compared with a loss of $3.35 a share a year ago. Tesla and CEO Elon Musk warned earlier this month that it expected first-quarter profits to be negatively impacted by lower than expected delivery volumes and several pricing adjustments.