The company says it is consistently producing 2,000 vehicles per week, and it believes that both production and demand will support around 50,000 deliveries in the second half of 2016.
Advertisement
On its missed vehicle delivery targets Musk said: “We were in production hell for the first six months of the year”.
Tesla Motors (TSLA – Analyst Report) just released its second-quarter earnings results, posting earnings of -$1.54 per share and revenue of $1.27 billion.
Tesla Motors Inc. overnight reported its 13th straight quarterly loss, with its intensive business expansion model, nicknamed the “Master Plan:Part Deux”, being the hopeful saviour.
Now, Tesla is “consistently” cranking out about 2,000 cars a week – half of them Model X’s and half of them the Model S sedan, execs said.
Tesla stock dropped about one percent in after hours trading Wednesday.
The electric carmaker said it had delivered 14,402 new vehicles in the second quarter, revising up the delivery numbers it had reported in early July, when it said its second-quarter deliveries were “lower than anticipated” at 14,370 vehicles. The company plans to exit the third quarter with steady production of 2,200 vehicles per week and increase the number to 2,400 per week by the end of the fourth quarter.
Tesla’s adjusted net loss of $150 million, or $1.06 per share, fell far short of analysts’ estimate of a 59-cent loss, according to FactSet.
Tesla expects GAAP and non-GAAP automotive gross margins excluding zero-emissions vehicle credits to increase by 2% to 3% through Q3 and Q4. Musk has said a major event, “maybe toward the end of the year”, will include an announcement that will be “really big news”, and that Tesla will do the “obvious thing” – which may be the announcement of Level 4 autonomy for the upcoming Model 3. In June, a Tesla Model S collided with a truck while Autopilot was engaged-the first recorded death in a semi-autonomous vehicle. No matter what it is, Tesla cars are headturners, aren’t they? Musk said the company would be profitable, if it wasn’t for the financial efforts to get the Model 3 and Gigafactory off the ground.
Advertisement
Tesla completed the design phase of the Model 3 in the second quarter and has already installed some production equipment for the auto. Those sites could expand to offer SolarCity products, if the proposed merger is approved.
