Tesla delivered a total of 14,402 new vehicles in the quarter ending in June, and exited the quarter after producing 18,345 cars.
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“Basically we were in production hell for the first six months of this year”, Musk said, but the production line of Tesla Motors is now humming with the manufacturing of the Model S and the Model X now stable. As a result, Tesla is doing its best to ramp up progress on the vehicle, with a view to double Model 3 production targets to 100,000 in 2017, and 400,000 in 2018. Complicated parts, like the SUV’s gull-wing doors and free-standing second-row seats, were also issues.
Tesla posted a second-quarter adjusted loss of $1.06 per share on $1.56 billion in terms of sales.
Revenue for this quarter was $1.3 billion, higher than the same period a year ago.
Shares of Tesla rose 0.3% to $226.41 in after-hours trading.
The Palo Alto, Calif.-based company said it remained on track to build and deliver about 50,000 vehicles during the second half of the year. Analysts polled by Thomson Reuters estimated a loss of 52 cents per share, or 94 cents including expenses.
Tesla has had an intense past few months as it moves toward a $2.6 billion acquisition of solar-panel installer SolarCity Corp.
Musk’s ambitious promises to broaden Tesla’s product offerings come as the company is bleeding money.
Tesla is hoping the Model 3 will widen its market appeal with a more affordable auto.
Oops! This makes us think now – was the model naming intentional by Tesla to read as “SEXY”.
As it said in its previous quarterly filing in March, Tesla warned that the cost of building and operating its Gigafactory battery factory in Nevada could exceed the company’s current expectations.
We are adding stores in new population-dense markets like Taipei, Seoul, and Mexico City, while also adding stores in our most mature markets like California.
Musk then revealed that he plans to visit one supplier this weekend who apparently does not have its sh*t together in order “to figure out what the hell is going on there”.
There were also questions about the close links between the two firms – Mr Musk is already chairman of SolarCity’s board and his cousin Lyndon Rive is the company’s chief executive.
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Tesla works on further automating its assembly lines to increase production ten-fold within the next three years.
