Tesla Motors, Inc. (NASDAQ: TSLA) has reported a Q2 loss, way greater than analysts had forecast, as well as revenues that fell short of expectations.
The electric-car maker’s reported a second-quarter adjusted loss of $1.06 per share on $1.56 billion in sales. That’s more than double the loss analysts, on average, were expecting.
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The company said that it finished the second quarter consistently making 2,000 vehicles per week. For the entire quarter, Tesla produced a record total of 18,345 vehicles, an 18% increase over the first quarter and up 43% over the second fiscal quarter of 2015.
Tesla said it delivered 14,402 new vehicles in the second quarter, about 30 more than it preannounced in July and short of its target for 17,000.
The company said that it is on track for 50,000 deliveries in the second half of the year. That would put it at the low end of its 2016 guidance of 80,000 to 90,000 deliveries.
In May, the company said that 373,000 reservations had been made for the vehicle, new vehicle orders rose 67% over the same quarter last year.
Tesla has also announced its $2.6 billion acquisition of SolarCity, another company that CEO Elon Musk owns a stake in. SolarCity has lost 20% of its value this year, and the deal raises concerns about why Tesla is adding another cash-burning company to its own and the long-term earnings potential of a combined company.
Tesla shares fluctuated after the earnings crossed, sliding by as much as 2%. They’ve fallen 6% this year.