The company also reported that it generated $4.5 billion in revenue for the quarter, which is down from $7.2 billion in the previous quarter, but up from $2.6 billion in the first quarter of 2018.
In addition, Tesla doesn't expect to turn a profit in the second quarter, either, but is hopeful it will for the third quarter of 2019.
While speaking with Action Alerts Plus investing club research analyst Zev Fima, Jim Cramer weighed in on Tesla's earnings and its CEO Elon Musk.
"When you start a conference call with, we're going to have a million robotaxis in 2020. I mean, what are you going to do? Like are you going to deal with the reality. I mean, this is a guy, he's a big-think guy, but this is a guy who immediately tries to figure out how to throw everybody off their game."
He added, "I've never seen anything like it. He's the master deflector. He is P.T. Barnum, guys."
The $702 million loss was the company's fourth-worst quarterly loss since it went public in 2010.