Shares of Tesla sank as much as 4% in after-hours trading on Thursday, according to Markets Insider data, after CEO Elon Musk warned that the company might not be profitable in the first quarter of 2019.
“We do not expect to be profitable in Q1 but profitability in Q2 is likely,” Musk said on a conference call Thursday.
His comments came after two consecutive quarters of profitability, a first in the company’s history, and on the same day as Tesla announced the long-awaited $35,000 version of its Model 3 was finally available to order.
More from Tesla’s big news announcement:
- Tesla is finally releasing the long-awaited $35,000 Model 3
- Tesla is shuttering most of its stores as the company switches to an online-only sales model
- More layoffs expected at Tesla as the company shutters most of its retail stores
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