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.