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Tesla posts quarterly loss

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Tesla reported a wider-than-expected quarterly net loss of $702 million in the first quarter.

"We expect to return to profitability in Q3 and significantly reduce our loss in Q2" said CEO Elon Musk, noting production of the Model 3 is facing issues.

He said many deliveries of the vehicle shifted into the second quarter, since "due to unforeseen challenges we had only delivered half of the quarter’s numbers 10 days before the end of the quarter."

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