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Tesla Motors reported Wednesday a larger second-quarter loss than expected as it worked to speed production in the face of strong demand for its electric cars.
Tesla reported a net loss of $293.2 million, or $2.09 per share, in the quarter ended on June 30, up from a $184.2 million loss in the same period a year earlier.
Revenue at the California-based company climbed to $1.27 billion in the second quarter from $955 million a year ago.
Investors pushed shares lower after Tesla’s post-market earnings report. Shares fell 0.6 percent in after-hours trade after closing down 0.6 percent at $225.79 on the Nasdaq.
Tesla has completed the design phase for its Model 3 and increased overall vehicle production, company chief executive Elon Musk said in a letter released along with quarterly earnings figures.
Tesla delivered 14,402 new vehicles in the quarter, with 9,764 of them being Model S sedans starting at $70,000.While an improvement, the number fell short of a production target of 17,000 vehicles that had previously been set by Tesla.
Production and demand are on track to support deliveries of approximately 50,000 new Model S and Model X vehicles during the second half of 2016, according to Tesla.“Vehicle production efficiency is improving rapidly and we are now increasing our weekly production rate even further,” Musk said.
The Tesla Model 3 has been designed to be efficiently produced and benefit from a “machine that makes the machine” approach on the assembly line, according to Musk.