The company, which is striving to stabilize production and deliver consistent profit, ended the quarter with $4.3 billion in cash and said it had "sufficient cash on hand" to pay a $920 million convertible bond maturing in March.
For the full year, Tesla lost $976.09 million, or $5.72 per share.
In the most recent quarter, Tesla earned $7.2bn in revenues, primarily from auto sales, more than double the same period in 2017.
On its Q4 2018 earnings call last night, Tesla confirmed that the Model Y will be the first vehicle it will build at its Gigafactory 1 in Sparks, Nevada. Fortunately, Tesla now has additional help with Model 3 production by way of a new factory in Shanghai and improved capacity at its Fremont, California plant.
He also predicted sales would climb 50 percent this year, even if there were a global recession. "It could be a lot more than that".
Earlier this month, Tesla announced layoffs impacting about 7% of its full-time workforce. He added that the purchase will not fall on the company's capital expenditure but to its operating lease which will show up as the cash flows from operations. Nevertheless Musk stated, "The demand for Model 3 is insanely high..." The company says it is snagging customers from beyond conventional notions of its segment. Tesla recognizes revenue once a vehicle is delivered.
He said he had before felt constrained to document licenses for Tesla to keep huge vehicle companies from replicating the innovation and utilizing the enormous showcasing and deals contraption to assume control over the market. Currently, China and Europe are being prioritized, so that the company can fill orders there before any tariffs go into effect. Ahuja said during the call that 2018 was the "most pivotal year" in the history of Tesla and it was the right time for him to make the change.
"Last year was the most pivotal year in Tesla's history. It will be something quite unique, unlike anything".
As a result, he made a decision to open the floogates and make all of Tesla's patents public for all those willing to use them in good faith. Elon Musk said that Deepak would continue to serve as a "senior adviser probably (for) years to come".
The EV tax credit which was started under the Obama administration was created to taper out once an EV automaker delivered its 200,000th eligible vehicle in the US. It should be like Jiffy Lube, or whatever. It had $9.4 billion in debt at the end of the year, a slight improvement over 2017.
Ahuja, meanwhile, is leaving the company, to be succeeded by Zach Kirkhorn, its current vice president of finance. Clean Yield Group bought a new stake in shares of Tesla during the fourth quarter valued at approximately $36,000.
The company's stock fell 4 percent in after-hours trading Wednesday following news of Ahuja's exit and the lower-than-expected profits.
Tesla is kicking off 2019 with an emphasis on financial discipline. It is said to be bigger than Model 3, making the third row of seats possible.
The $7,500 tax credit will drop starting Jan 1, 2019, to $3,750 around mid-year, according to Tesla's website.
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