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Tesla’s Losses Deepen As Revenue Soars
Tesla Motors Inc.’s total revenue in the second quarter of 2016 jumped by one-third to $1.8 billion. But the electric-car maker’s net loss widened to $293 million from $184 million in the same period last year.
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Tesla Motors Inc.’s total revenue in the second quarter of 2016 jumped by one-third to $1.8 billion. But the electric-car maker’s net loss widened to $293 million from $184 million in the same period last year.
It was the Tesla’s 13th consecutive quarter of red ink. The loss was caused primarily by spending to launch the company’s huge battery plant in Nevada and speed preparations to begin producing the new Model 3 electric sedan at the end of next year.
Tesla says it delivered a combined 14,400 of its Model S and Model X electric vehicles in the second quarter, short of its 17,000-unit target. But the company insists it is on track to sell 50,000 vehicles in the second half of the year compared with about 30,000 in January-June.
The company’s cash position grew to $3.3 billion at the end of the quarter, in large part because of a $1.7 billion infusion raised by an offering in May. When the fundraising is ignored, Tesla had a negative quarterly cash flow of $170 million.
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