Tesla Reports Wider Loss For Q2

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Tesla says that production of the Model 3 will be limited by the slowest part of its supply chain and manufacturing process, but the company is confident it can build "just over 1,500 vehicles in Q3".

Tesla CEO Elon Musk said today the forthcoming Model Y electric crossover vehicle will be built on a similar architecture to the recently released Model 3, in an effort to bring the auto to market sooner.

Those first installations have gone to employees who the company chose "to help ideal all aspects of Solar Roof customer experience".

The company delivered 22,026 cars this past quarter, and Musk predicted the company would be producing 5,000 cars per week by the end of 2017 and 10,000 vehicles per week toward the end of 2018, translating into 500,00 cars per year.

The company's headline results clearly impressed investors: Tesla's earnings and sales surpassed analysts' expectations and the company reassured investors that its Model 3 production was on target. Tesla's current goal is to ramp up production from 1,500 units a month in September to 20,000 units by December. Musk said on the Wednesday call that Tesla has opted for this employee-focused launch strategy as a way to reward employees, and as a way to address any early technical issues in the products.

Tesla's shares were boosted 8% in after-hours trading following the close on Wall Street on Wednesday.

The company said last month the packs were being made using new technology and production lines.

The loss grew 15 percent to $336 million from a loss of $293 million in the April-June quarter a year ago.

Registrations of vehicles by Tesla Inc.in California, so far the biggest market of the extravagance electric auto manufacturer, dropped 24% in April as compared to a year ago, as per information from sources. "I have to thank my executive team for stopping me from being a fool", Musk later added.

The loss was better than analysts had expected, but still 37 per cent higher than what the company reported in the same quarter past year.

The news arrived less than a week after Tesla unveiled the Model 3 at its factory in Fremont, Calif.

Revenue rose to $2.79bn from $1.27bn, which beat Thomson Reuters' estimate of $2.51bn, and investors were pleased the carmaker still had $3bn cash on hand at the end of the second quarter.

In some cases, customers may have sprung for one of the company's more expensive products.

The first images of the installations suggest the roof tiles already look virtually identical to modern roofing materials, with the solar cell embedded beneath a tempered glass surface. Capital expenditures should be about $2 billion during the second half of 2017, as we make milestone-based payments for Model 3 equipment, continue with Gigafactory 1 construction, and expand our Supercharger, store, delivery hub, and service networks.