The Tesla Semi, for cargo transport, and the smaller bus, built on the Model X platform for more efficient commuting, were first teased in Musk’s “master plan” shared last month.
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Tesla reported a loss of US$293 million for the second quarter of 2016, a $109 million increase over 2015’s second quarter losses.
Tesla Motors was able to dodge investors’ wrath after having reported lower-than-expected earnings and revenue for the second quarter of fiscal year 2016 (2QFY16) after the market closed on Wednesday.
Today analysts at FBN Securities reiterated Tesla Motors Inc’s (NASDAQ:TSLA) shares as “Outperform” in a report released to investors. Revenue, however, at $1.6 billion as measured by the company, was better than the $1.533 billion that was forecast.
Tesla Motors has reached a milestone with the development of the 2018 Tesla Model 3 affordable electric vehicle, according to its second-quarter update released on Wednesday.
Tesla on Wednesday said 5,150 vehicles were still in transit at the end of the quarter and would be delivered early in the third quarter. “This is a company that is continuing to invest in the future”.
Tesla delivered 14,402 cars during the quarter missing its target of 17,000. In this quarter, the company said that it produced 18,345 vehicles, implying a weekly production rate of just over 1,400 vehicles per week.
On its missed vehicle delivery targets Musk said: “We were in production hell for the first six months of the year”.
Tesla shares fell less than 1 percent in aftermarket trading, to $225.79. According to analysts, if they failed to do this, the auto company could possibly be unsuccessful to reach its 500,000 vehicle production target per year by 2020. With these improvements, Tesla stated it is on track to deliver 50,000 vehicles in the latter half of this year, which reaffirms its previous guidance.
There are plans to open more Tesla stores across the globe and the company “anticipates adding new partners” to fund its continuing growth. And the loss showed by the company is nearly more than double the loss which analysts were expecting on Wall Street on average.
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”.
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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.
