source Lucy Nicholson/Reuters Tesla says it will be profitable by the end of the year and won’t need to raise more cash. Many on Wall Street disagree. The company lost $3.35 a share in the first three months of the year while burning through $1.1 billion. Shares have lost 11% this year amid production delays, a spate of executive departures, and a bizarre conference call. Goldman Sachs analysts said last month that they thought Tesla would need to raise $10 billion in the next 18 months. And this week, UBS analysts said they thought Tesla would need to raise additional capital before 2018 is out. Follow Tesla’s stock price in real-time here. Tesla has been a stock market darling ever since it went public back in 2010. The stock is up more than 1,500% since the company’s initial public offering, and Elon Musk’s electric-car company is now worth more than the old-guard automakers Ford and Fiat Chrysler. It trails General Motors by just a few billion dollars. That valuation has been attained despite consistent losses and problems with production. The company produced 55,120 vehicles last year, compared with Ford’s 2.46 million, while its newest car, the Model 3 sedan, grappled… Read full this story
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There’s growing concern over Tesla’s finances — and Wall Street is convinced the company will need to raise money soon have 304 words, post on www.businessinsider.sg at June 1, 2018. This is cached page on Law Breaking News. If you want remove this page, please contact us.