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Tesla continues to lose money, but remains optimistic about its production and demand.
The company has released its second quarter earnings report, where it informed customers and shareholders that total GAAP revenue was $1.3 billion. Unfortunately, the American electric automaker continues to lose money, reporting a net loss of $293 million. But the second quarter was a very busy one for Tesla, which completed the design phase of the Model 3, increased vehicle production by another 18 percent and rolled out the biggest aesthetic and functional update to the Model S since its initial launch. It also introduced an upgradeable 60-kWh Model S, while increasing automotive gross margin excluding ZEV credits.
In total, Tesla delivered 14,402 new vehicles last quarter consisting of 9,764 Model S and 4,638 Model X vehicles. That is actually fewer cars than originally planned, which Tesla attributes to its steep production ramp that resulted in almost half of second quarter’s production occurring in the final four weeks of the quarter.
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Looking towards the future, Tesla is confident that it is on track to support deliveries of approximately 50,000 new Model S and Model X vehicles during the second half of the year. The automaker plans to exit the third quarter building 2,200 vehicles per week and will increase that figure to 2,400 per week in the fourth quarter. It also expects to invest about $2.25 billion in capital expenditures this year to help support the accelerated production plan for the Model 3.
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