Tesla collapsed on the New York stock exchange, after the car and battery manufacturer reported worse results than expected for the second quarter. The stock fall following the announcement that J B Straubel, a legendary profile internally, is taking a step back.
The loss was $ 408 million, or $ 1:12 per share. According to Reuters, the market had calculated $ 0.40 per share.
When the CEO Elon Musk announced during the conference call after the report that Straubel resigns as chief technology officer, a title that is abbreviated CTO in English, the stock fall gained new momentum. During Wednesday night, Tesla was at minus just over 11 percent on Wall Street.
Straubel is seen as responsible for the industry-leading battery technology found in Tesla’s cars, technologies that European and Asian competitors despite difficult resources have difficulty catching up. During the conference call, however, Straubel emphasized that the departure is not a sign of lack of confidence, but that he will continue to hold an advisory position with Tesla.
Sales rose to $ 6.35 billion, slightly below the $ 6.41 billion that analysts had expected. This is an increase of almost 60 percent compared to the same period last year.
Tesla is thus almost, but not quite, in terms of Volvo Cars in sales. Volvo recently reported sales of SEK 67 billion, which is equivalent to $ 7.1 billion.
Next gig factory
Tesla is thus a company with strong growth pain, and Musk said that now focus more on being able to produce more cars and batteries than profit. Among other things, the next so-called gigafabrik will be commissioned in China later this year, and the hotly contemplated Model Y will start to be produced in larger editions in 2020.
The Volkswagen Model 3 is already a bestseller in its class in the United States, and according to Musk, together with the slightly larger sibling model Y, in the long term, it can reach up to two million copies per year globally.