Tesla is experiencing the worst day of 2019 after profits and loss of CTO

Tesla shares are on the verge of their sharpest decline since 2013, after the automaker announced a larger-than-expected loss and disappointing revenue, and announced the departure of Chief Technology Officer and co-founder, JB Straubel.

The title plunged 14% Thursday night to 227.63 dollars. If it gets closer to this price, it will be the biggest drop since November 2013.

The company claims to have a weekly 7,000-unit model of its most popular model 3, and aims to produce 10,000 models 3 each week by the end of 2019. But the costs badociated with the sale and maintenance are also up sharply. on profitability. Gross margin, or remaining sales after deducting cost of goods sold, decreased from 14.5% to 14.5% the previous year.

"For speculators, it's a catastrophic story in terms of gross margin," said Dan Ives, general manager of equity research at Wedbush Securities, at CNBC's "Closing Bell" show on Wednesday. . "You can sell more cars – can you do it cost-effectively? Otherwise, this company will eventually have to raise more capital next year. That's why it's such a problem for the street. "

During the conversation with badysts who followed the report, CEO Elon Musk launched a new bomb when he announced that Straubel was moving from OTC to an advisory role. Straubel is best known for helping to create Tesla's signature battery technology. He also oversaw power electronics, engines, software, firmware and controls, among other responsibilities during his tenure.

Straubel, who will be replaced by Drew Baglino, vice-president of the company, recently left the ranks of Tesla senior executives, while the brain drain continues to be of great concern to investors. Steve McManus, Tesla's vice president of interior and exterior car engineering, recently joined Apple, who also convinced Tesla's former vice president, Michael Schwekutsch, to join his group of special projects. earlier this year. In June, Peter Hochholdinger, who was in charge of manufacturing at the Fremont, Calif. Plant, lost his company to Lucid Motors.

In the second quarter, Tesla lost $ 1.12 per share on an adjusted basis, compared with the average badyst estimate of 40 cents, according to Refinitiv. Revenues rose 59% to $ 6.35 billion, but were behind the estimate estimated by badysts at $ 6.41 billion.

Although the company did not meet expectations, it reaffirmed its delivery forecast for the year, saying it still plans to sell 360,000 to 400,000 vehicles this year, mainly models. delivered approximately 158,200 vehicles to customers in the first half of 2019 and is expected to deliver more than 200,000 in the second half of this year to reach the bottom of its target.

In order to make the high volume of Model 3 sales possible, Tesla announced in a second quarter letter that it plans to improve production at its existing plants, including its battery plant in Reno, Nevada. and a car badembly in Fremont.

The Company attributed the lower average selling price of its vehicles in the second quarter to the commissioning of its Standard Range Plus 3 model and to the sale of model vehicles S and X without stocks without an improved powertrain. gives cars drive further on a single charge.

However, Tesla indicated that the average selling price of its North American models 3 remained at $ 50,000, the same level as at the end of April, when the company released its first quarter results.

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