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>> Tesla eked out a small profit for the last quarter of 2018, its first consecutive quarterly profit, and predicted that it would make money for every quarter of this year. But Wednesday's earnings missed Wall Street expectations and the electric car maker said that the erosion of a federal tax credit in 2019 would cut into its sales disappointing investors.
And on a conference call with analysts, the company said that it's Chief Financial Officer Deepak Ahuja would retire. Reuters reporter Alexandria Sage.>> They flag all sort of upcoming challenges. The building of a factory in China. Global deliveries to Europe. And to china of the model three. An they say that if any of those things don't go very well, that profit that they anticipated in the first quarter could be threatened.
So, we're basically saying Tesla is confronting many of the same challenges that it always has in terms of production, in terms of logistics. And then we have this uncertain demand because we don't really know at this point without the Federal subsidy, will they continue to attract this audience of people who absolutely love Tesla's cars?
>> CEO Elon Musk has warned employees of the challenges. In an email earlier this month Musk said quote, the road ahead is very difficult, and that it was crucial the company roll out lower priced versions of its Model 3 car. While the Model 3 was touted as the Tesla for the masses with a base price of 35 grand.
The company has been selling more of the expensive versions with longer battery ranges as its production volume was strained and the cheapest version today is still priced at 44 grand. Tesla also said Model 3 production would continue to ramp up in California, reaching a long promised 7,000 units per week by the end of the year.