Elon Musk’s declarations that Tesla Inc. had entered an era of sustainable profits turned out to be premature, as the electric-car maker began the year with a $494 million loss and rekindled concerns about its cash.
Tesla posted an adjusted loss of $2.90 a share for the three months ended in March, missing analysts’ average estimate for a $1.30 deficit. A record drop in quarterly deliveries snapped the company’s two quarters-long streak of positive earnings.
