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Monday, March 18, 2024
March 18, 2024

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Tesla posts bigger loss, 2 key executives to leave

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LOS ANGELES — Tesla Motors Inc. reported a larger first-quarter loss compared with a year ago Wednesday but the report nearly was overshadowed by news of the planned departure of two of the company’s key manufacturing executives.

The electric car maker also said it has ramped up production of its new Model X sport utility vehicle, whose prior delays contributed to the financial losses.

Tesla’s first-quarter loss using standard generally accepted accounting practices was $282.3 million, compared with a loss of $154.2 million a year earlier.

Sales rose 22 percent to $1.15 billion from $940 million.

The automaker’s non-GAAP loss in the quarter ended March 31 was $75.3 million, or 57 cents a share. Analysts polled by FactSet Research Systems Inc. had forecast a loss of 60 cents a share.

Earlier in the day, Palo Alto-based Tesla confirmed that Greg Reichow, vice president of production, and Josh Ensign, vice president of manufacturing, were leaving the automaker.

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