Tesla shares tumble amid $408m loss and another high-profile departure

Losses come even as Elon Musk’s company says it’s delivering a record-breaking number of vehicles

Tesla shares tumbled more than 11% in after hours trading on Wednesday after the company reported a larger than expected $408m loss in its second quarter earnings and announced the departure of its chief technology officer (CTO).

Despite selling more cars than ever, Tesla is still struggling to prove it is profitable and has suffered a series of high-profile exits. JB Straubel, the CTO, will be replaced by the vice-president of technology, Drew Baglino, Elon Musk, Tesla’s CEO, announced on a call with investors on Wednesday.

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from World news | The Guardian https://ift.tt/2GsGZT7