Tesla Inc. assured investors its highly anticipated Model 3 sedan is on track to begin production, mitigating concerns that the carmaker led by Elon Musk is burning through more cash to bring the vehicle to market.
The Model 3 remains on schedule for output to start in July, Tesla said Wednesday as it reported first-quarter earnings results in a letter to shareholders. Tesla lost $330 million -- a bigger deficit than analysts estimated.
Cash burn was the second most in the company’s history, behind only the final period of last year. The net losses grew 17 percent from the same quarter last year.
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