Tesla Motors has posted 13th consecutive quarterly loss. The automaker’s net quarterly loss has increased to $293 million in the second quarter, which is up from $184 million a year ago. Per share, it represents $2.09 loss, up from $1.45. The company cited increased spending on vehicle and battery factories as the main reason.
On an adjusted basis, Telsa has lost $1.09 per share, still a much higher loss than $0.52 expected by the analysts, according to Investing.com report.
In the after-hours trading, price of Tesla’s stock hasn’t changed much, which indicates continued investor sentiment when it comes to the expectations for this company. Tesla remains a leader in the electric cars category.
There are some concerns, though. The automaker had missed its delivery target again. The company expects to deliver between 80,000 and 90,000 vehicles this year, but to catch up, it needs to make and deliver 50,000 cars in the second half of this year.
Tesla’s boss, Elon Musk, admitted the difficulties, but painted an optimistic picture. “We were in production hell for the first six months of the year…And we managed to climb out of hell partway through June and now the production line is humming,” he announced.
He has more plans beyond cars. The company is looking to manufacturing of electric trucks and buses. In addition, he’s looking to expand Tesla’s solar energy business.
Tesla CEO Elon Musk has again been forced to defend himself and the company. Fortune has accused Musk of withholding material information regarding a fatal car crash until after a billion dollar stock offering.
Journalist Carol Loomis claims that Musk knew that an Ohio man died from an accident while his Model S was in autopilot as early as May 7th. Musk did not disclose this information to the public until June 30th. Twelve days earlier, the company sold $2 billion in stock to investors.
Loomis claims the information regarding the accident was material to investors and should have been disclosed before the offering. Musk vehemently disagreed.
The CEO took to twitter to bash Loomis’ report, calling it “BS”. Tesla also posted a message on its website in which it claimed that Fortune rushed to print the story before it had all the facts.
In terms of the repercussions, the public appears to be in Musk’s corner. While Loomis feebly claimed that a small drop in Tesla’s stock price on the morning after the news went public mildly suggested materiality, the shares rallied higher that same day and gained nearly 2%.
Musk has defended the company’s timeline in disclosing the information, saying that Tesla was unable to complete its own investigation until the end of May.
In addition, Musk noted that the accident was not caused by the driver of the Tesla but rather a semi-tractor trailer that crossed lanes and into the path of another vehicle.