Tesla Delivers Record Number of Cars, Yet Losses Deepen

Tesla Delivers Record Number of Cars, Yet Losses Deepen

Tesla may have delivered a record number of vehicles last quarter, but its losses tripled to $184 million.

The American electric automaker revealed its second quarter results, announcing that it delivered 11,352 vehicles to customers, but lowered its full-year delivery forecast from 55,000 to between 50,000 and 55,000.

Cutting the outlook hints that Tesla could be anticipating a potential issue with production for the new Model X crossover, which it still promises to deliver “a small number” of before the close of the third quarter. Since the Model X is being produced on the same assembly line as the current Model S, any issues would slow down overall vehicle production for the company.

SEE ALSO: Get a Free Tesla Model X If You Refer 10 New Buyers

In total, Tesla reported $955 million in revenue for the second quarter, which is a 24 percent increase compared to last year’s second quarter, based on generally accepted accounting principles. When using Tesla’s favored non-GAAP accounting method, the automaker had a net loss of $61 million on $1.2 billion in revenue. It did, however, beat its goal of producing 12,500 vehicles by manufacturing 12,807.

[Source: Automotive News]

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  • craigcole

    Could the Tesla financial shell game finally be drawing to a close?

  • smartacus

    i was just reading on seekingalpha Things are Turning Ugly Very Quickly, Loss per car delivered, and cash burn both at record highs, and Does Tesla Management have any credibility left?. Those are words that do not bode well for the shell game