Elon Musk banks on his self-driving taxi service as Tesla burns through cash

Tesla's robo-taxis are needed more than ever.

The company lost $702 million in the first three months of the year and the EV maker doesn't expect to be profitable again until the second half of the year, according to first quarter earnings results reported Wednesday. Revenue was lower than expected at $4.5 billion.

CEO Elon Musk had braced for a losing quarter back in February when he announced the $35,000 base price for the Model 3, but he still sounded disappointed on Wednesday's investor call to discuss the sluggish numbers. 

"The brand is losing steam," Jessica Caldwell, executive director of industry analysis at Edmunds, said in an email. Read more...