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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.

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The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.

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