Tesla Delivers Record Number of Cars, Yet Losses Deepen

Tesla may have delivered a record number of vehicles last quarter, but its losses tripled to $184 million.

The American electric automaker revealed its second quarter results, announcing that it delivered 11,352 vehicles to customers, but lowered its full-year delivery forecast from 55,000 to between 50,000 and 55,000.

Cutting the outlook hints that Tesla could be anticipating a potential issue with production for the new Model X crossover, which it still promises to deliver “a small number” of before the close of the third quarter. Since the Model X is being produced on the same assembly line as the current Model S, any issues would slow down overall vehicle production for the company.

SEE ALSO: Get a Free Tesla Model X If You Refer 10 New Buyers

In total, Tesla reported $955 million in revenue for the second quarter, which is a 24 percent increase compared to last year’s second quarter, based on generally accepted accounting principles. When using Tesla’s favored non-GAAP accounting method, the automaker had a net loss of $61 million on $1.2 billion in revenue. It did, however, beat its goal of producing 12,500 vehicles by manufacturing 12,807.

[Source: Automotive News]

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