Tesla continued to lose money in the second quarter as research and development costs drew money from company coffers.
Tesla manages its business with non-GAAP information, where non-GAAP financials exclude stock-based compensation and non-cash interest expense while adding back the deferred revenue and related costs for cars sold with a residual value guarantee or similar buy-back terms. In terms of non-GAAP financials, Tesla reported a $16 million net income but GAAP data shows a loss of $62 million.
Despite that, the company had a record Q2 Model S deliveries of 7,579 units while producing another Q2 record of 8,763 vehicles. According to the shareholder letter, Tesla is on track to deliver over 35,000 vehicles this year and the new Model S and Model X assembly line will begin operation next week.
GAAP revenue for Q2 was recorded at $769 million with research and development expenses totaling $108 million. The American automaker plans to produce about 9,000 cars in the third quarter and plans to invest between $750 to $950 million this year.
Earlier today Tesla and Panasonic announced an agreement that will see the Japanese electronics giant serve as the principle investor in the upcoming Gigafactory, securing a crucial part of the automaker’s plan to produce its Model 3 sedan.
GALLERY: Tesla Model X
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