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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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 a.m. ET: 30,199,007 — Total deaths: 946,490— Total recoveries: 20,544, 967Map
  2. U.S.: Total confirmed cases as of 6:30 a.m. ET: 6,675,593 — Total deaths: 197,644 — Total recoveries: 2,540,334 — Total tests: 90,710,730Map
  3. Politics: Former Pence aide says she plans to vote for Joe Biden, accusing Trump of costing lives in his coronavirus response.
  4. Health: Pew: 49% of Americans wouldn't get COVID-19 vaccine if available today Pandemic may cause cancer uptick The risks of moving too fast on a vaccine — COVID-19 racial disparities extend to health coverage losses.
  5. Business: Retail sales return to pre-coronavirus trend.
Mike Allen, author of AM
2 hours ago - Politics & Policy

Scoop: Mike Bloomberg's anti-chaos theory

CNN's Anderson Cooper questions Joe Biden last night at a drive-in town hall in Moosic, Pa., outside Scranton. Photo: CNN

Mike Bloomberg's $100 million Florida blitz begins today and will continue "wall to wall" in all 10 TV markets through Election Day, advisers tell me.

Why it matters: Bloomberg thinks that Joe Biden putting away Florida is the most feasible way to head off the national chaos we could have if the outcome of Trump v. Biden remained uncertain long after Election Day.

Biden's hardline Russia reset

Photo Illustration: Eniola Odetunde/Axios. Getty Images photos: Mark Reinstein

When he talks about Russia, Joe Biden has sounded like Ronald Reagan all summer, setting up a potential Day 1 confrontation with Russian President Vladimir Putin if Biden were to win.

Why it matters: Biden has promised a forceful response against Russia for both election interference and alleged bounty payments to target American troops in Afghanistan. But being tougher than President Trump could be the easy part. The risk is overdoing it and making diplomacy impossible.