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Tesla to turn profitable in Q3, will not need external funding: Elon Musk

Tesla has been burning cash while struggling with the production of its Model 3 sedan, seen by analysts as crucial to the company's long-term profitability


Silicon valley billionaire Elon Musk said on Friday his Tesla Inc company will not need to raise any money this year because the electric car maker will have positive cash flow and be profitable in the third and fourth quarter. Musk was tweeting in response to a story in The Economist, which said the electric carmaker would need $2.5 billion to $3 billion in additional funding this year, citing Wall Street brokerage Jefferies. "The Economist used to be boring, but smart with a wicked dry wit. Now it's just boring (sigh). Tesla will be profitable & cash flow+ in Q3 & Q4, ...

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First Published: Fri, April 13 2018. 19:17 IST