Looking further into earnings reaction history, the stock had moved up 13 times out of last 23 quarters.
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Tesla said it delivered 14,402 new vehicles in the second quarter, including 9,764 Model S sedans and 4,638 Model X SUVs.
The clues to the Tesla product future have come as Musk staged a launch party for Tesla’s “Gigafactory”, a battery manufacturing plant in Nevada that when complete in 2020 will be the largest building in terms of footprint in the world.
The quarter’s financials, released Wednesday, show a similar portrait as past reports. The problem was primarily due to ramp-up issues with the newer Model X electric SUV which has been plagued by quality problems.
For the three months that ended June, the California-based company reported a net loss of $293.2 million, or $2.09 per share, which widen from $184.2 million, or $1.45 per share, a year earlier.
Tesla reported that almost half of its second quarter production occurred in the final four weeks of the quarter.
Tesla reported a loss of $293m (£220m) for the second quarter – the electric vehicle maker’s thirteenth consecutive quarterly loss – as sales failed to meet analysts’ expectations.
Tesla Motors Inc (NASDAQ:TSLA) and SolarCity are reportedly set to unveil their merger deal, setting the stage for a campaign to convince the two companies’ shareholders to back the deal.
New vehicles orders rose by 67% compared to the same time past year. It expects to deliver just under 80,000 vehicles worldwide this year, up from 50,500 in 2015. Production for the first half of the year was 33,855 (29,212 delivered) vehicles, with 18,345 vehicles made (and 14,402 delivered) in the second quarter.
Tesla is expected to release the results for its second-quarter in the United States later today. Tesla began taking reservations March 31 and within a week it had more than 325,000 reservations for the $35,000 auto, which is due out next year.
“We were in production hell for the first six months of the year; we managed to climb out of that”, Musk said during an earnings call.
“Some Model 3 production equipment is already on line, including initial capacity in our stamping and paint centers”, Tesla explained in the company’s second-quarter shareholder letter.
All told, Musk believes Tesla will be producing 500,000 electric automobiles per year by 2018.
But things took a downward turn later in the quarter.
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As for what the company will do now that it has cut ties with Mobileye – which previously supplied Tesla with the image recognition technology in the company’s semi-autonomous feature called Autopilot – Musk said that an announcement is coming and that they will have an “internal solution” to replace Mobileye’s. That investigation is ongoing, but Musk insists the system is safe if it’s used correctly.
