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Photo by Bill Pugliano/Getty Images

Tesla swung to a bigger-than-expected profit loss in the first quarter, while revenue came up short as well, the company said in its quarterly report released late on Wednesday.

Between the lines: After 2 straight quarters of profitability, the company said price cuts on the Model S and Model X contributed to its profit shortfall. Its cash pile also shrunk by $1.5 billion from the prior quarter thanks to a bond repayment and more vehicles than expected in transit — not delivered — to customers.

  • Of note: On a call with analysts, CEO Elon Musk said there is "merit to the idea of raising capital at this point." Previously, Musk had been adamant that the company would not have to raise cash.

Q1 by the numbers:

  • Tesla's adjusted loss per share was $2.90, wider than the $0.69 loss Wall Street was expecting.
  • Sales were $4.5 billion versus the $5.1 billion analysts had forecast.
  • As Tesla announced earlier this month, the company delivered fewer cars during the first quarter than the Street expected.
  • The company reaffirmed its expectation to deliver between 360,000 and 400,000 vehicles this year — citing "strong demand for Model S, X and 3" — and said it would potentially be able to produce 500,000 cars globally. It also said it expects to return to profitability later this year.

Go deeper

Pfizer testing oral pill for prevention of COVID

Photo: Soumyabrata Roy/NurPhoto via Getty Images

Pfizer announced Monday that it is testing an oral antiviral drug that would help prevent COVID-19.

Why it matters: This drug is one of several antiviral pills that could have a massive impact on coronavirus treatment since not everyone will get a vaccine, and it may take years to fully vaccinate people in certain countries, per Axios' Alison Snyder.

Scoop: Dems' sneaky sabotage

Virginia gubernatorial candidate Glenn Youngkin. Photo: Win McNamee/Getty Images

A group tied to prominent Democratic strategists is posing as a conservative outfit to try to drive a wedge between the Republican candidate for Virginia governor and his core voters, Axios has learned.

Why it matters: The state's gubernatorial race is expected to be tight and could be a national bellwether. As Republican candidate Glenn Youngkin's campaign hypes improving poll numbers, Democrats are trying to chip away at his support in GOP strongholds.

House coalescing around infrastructure deal

Rep. Peter DeFazio (D-Ore.) is seen leaving a meeting of the House Democratic caucus on Monday. Photo: Bill Clark/CQ-Roll Call via Getty Images

House Democrats started Monday to coalesce around a deal to pass President Biden's signature Build Back Better infrastructure package, with progressive opposition weakening and House Speaker Nancy Pelosi (D-Calif.) seeming to de-link the biggest components of it.

What they're saying: “We can’t be ready to say, 'Until the Senate passes the [$3.5 trillion reconciliation] bill, we can’t do BIF,'" the speaker told House Democrats, using shorthand for the Bipartisan Infrastructure Framework. She indicated the House would vote on the $1.2 trillion bipartisan bill — focused on roads and bridges — on Thursday.

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