Tesla sets Q2 sales record, but losses grow
With the first deliveries of its Model X less than two months away, Tesla Motors Inc. reported today that its net loss nearly tripled to $184 million in the second quarter, underscoring how crucial the rollout of the crossover is for the electric-vehicle maker.
The Palo Alto, Calif., company reported $955 million in second-quarter revenue, an increase of 24 percent from the second quarter of 2014, according to generally accepted accounting principles. Measured using Tesla’s preferred non-GAAP accounting method, the company’s net loss was $61 million on $1.2 billion in revenue.
Tesla also reported producing a record 12,807 vehicles in the third quarter at its factory in Fremont, Calif., beating its goal of 12,500.
The company said it delivered 11,532 vehicles to customers during the quarter, another record. However, it lowered its full-year delivery forecast from 55,000 to between 50,000 and 55,000, which was seen as a signal of a potential hiccup in production of the seven-seat, all-wheel-drive Model X.
Tesla will produce the Model X on the same general assembly line as its Model S sedan, which could slow down overall production if there are snags during the ramp-up of the new product, CEO Elon Musk and soon-to-depart CFO Deepak Ahuja wrote in a letter to shareholders.