Tesla target for profit pushed back to fourth-quarter, shares down 11.5%
) on Wednesday pushed back its profit timeline once again after missing financial targets in the second quarter, while announcing that the pioneer of the company’s electric batteries, J.B. Straubel, was stepping down from his role as chief technology officer.
Shares fell 11.5% after hours and extended losses after the announcement about Straubel, a founding engineer who will become a senior adviser. In a statement on Wednesday, Tesla said it was focusing less on profit and more on volume growth, capacity expansion and cash generation. Musk said the company had grown to the point of “being self-funding,” indicating he might not need another cash infusion following a record-setting capital raising earlier this year.
Tasked with Tesla’s groundbreaking battery technology since Tesla’s early beginnings, Straubel directed the development of the audacious plan to make a sportscar powered by bundled laptop batteries. The quiet, retiring Straubel has been seen as a good partner for showy Musk. Straubel had been the last senior executive of long-standing at the very top rank of the company to remain at Tesla.
Tesla’s strong second-quarter deliveries assuaged doubts about demand for the Model 3, but concerns linger, especially since a federal tax credit was cut by half on July 1 and expires at the end of the year.
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