Tesla shares drop after Elon Musk says he does not expect to turn a profit this quarter

Tesla CEO Elon Musk does not expect the electric car maker to turn a profit in the first quarter, he said on Thursday.

He based his expectations on one-time charges and other financial commitments, and added that he does expect the company to be profitable in the second quarter.

Shares fell more than 3 percent Thursday night.

The company announced it will sell is long-promised $35,000 version of the Model 3 mid-size sedan.

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