Electric car maker Tesla Motors Inc ended its turbulent second quarter with a larger-than-expected loss, but said it remains on track to increase production in the second half of this year and introduce a new car next year.
Tesla’s second-quarter loss grew about 60 percent to US$293 million as it delivered fewer vehicles than planned. The company produced 18,345 vehicles during the April-to-June period, a quarterly record, but many were produced so late in the quarter that it delivered only 14,402, which was short of its goal.
“Basically, we were in production hell for the first six months of this year,” Tesla chief executive officer Elon Musk said on Wednesday in a conference call with analysts.
Musk said issues with suppliers were among the reasons for the agonizing ramp-up in production for the Model X SUV, which went on sale in fall last year.
Complicated parts, like gull-wing doors and free-standing second-row seats, were also issues.
Tesla’s second-quarter loss, of US$2.09 per share, compared to a loss of US$1.45 per share in the same quarter a year ago.
The 13-year-old company has only reported one profitable quarter, in 2013.
Revenue rose 33 percent to US$1.27 billion.
Tesla said the average price of its new Model X SUV is more than 15 percent higher than the Model S sedan.
Tesla’s shares slipped US$0.29 to US$225.50 after-hours trading.
Tesla on Wednesday said 5,150 vehicles were still in transit at the end of the quarter and would be delivered early in the third quarter.
It expects to deliver just under 80,000 vehicles worldwide this year, up from 50,500 last year.
The company said it was making 2,000 vehicles per week by the end of the second quarter, and believes it can crank that up to 2,200 vehicles by the end of the third quarter and 2,400 vehicles by the end of this year.
Tesla’s adjusted net loss of US$150 million, or US$1.06 per share, fell far short of analysts’ estimate of a US$0.59 loss, according to FactSet.
However, Tesla met analysts’ expectations with its adjusted revenue of US$1.6 billion.
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