Tesla volume up, but so are losses
Automaker nets $184 million loss in second quarter.
Electric-only automaker Tesla reported its second-quarter financial results Thursday, announcing a net loss of $182 million despite record deliveries of its mainstay Model S Sedan.
Tesla's final delivery tally for Q2 was 11,532 of 12,807 produced. That production total put them above their 12,500-unit goal for the quarter.
Tesla plans to deliver as many vehicles in Q3 as it did in Q2, and despite having a one-week shutdown period for plant retooling that did not take place last year, the company plans a production increase of 60% vs. the same period in 2014.
"The growing success of Model S has positioned us to offer even more customer choices and accelerate the advent of sustainable transportation," CEO Elon Musk and CFO Deepak Ahuja wrote in a letter to shareholders. They also reiterated that the upcoming Model X crossover is still on track for deliveries beginning late in Q3.
Questions still remain about the Model X's production and Tesla warned that since both it and the Model S will be produced on the same line, issues impacting the assembly process of either would likely impact the other. Anticipation of hiccups early in the Model X's life cycle could explain a drop in Tesla's forecast year-end production numbers from 55,000 units to between 50,000 and 55,000.