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Tesla Losses Deepen as New-Model Launch Nears
Tesla Motors Inc. reports its net loss in April-June almost tripled to $184 million, even though revenue rose 24% to a record $955 million.
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Tesla Motors Inc. reports its net loss in April-June almost tripled to $184 million, even though revenue rose 24% to a record $955 million.
The drop was due primarily to prelaunch costs associated with the company's all-wheel-drive Model X electric crossover vehicle. The car, expected to be priced about the same as Tesla's $76,000 Model S sedan, is due in limited numbers in September.
Tesla predicts its global sales will total 50,000-55,000 vehicles, down from the company's previous target of 55,000 units. Bloomberg News estimates each week of delayed Model X production would reduce the company's output by about 800 vehicles.
But CEO Elon Musk tells shareholders the company believes hitting quarterly sales targets is less important to building long-term value than striving to introduce a flawless product. The stock market responded by driving Tesla's share price down as much as 9% in after-closing trading last night.
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