Electric auto maker Tesla has racked up a record $717.5 million net loss in the second quarter of 2018, twice the previous year's number.
The all-electric automaker said that it had made $4 billion in vehicle, battery and leasing revenue during the second quarter of the year, a sharp increase over the same quarter last year because it had finally introduced its newest Model 3 sedan. The compay reported an adjusted net loss of $3.06 per share, more than analysts expected.
The Wall Street Journal reports that Tesla has held preliminary discussions with two German states as it looks to lock down a location where it can build its future models and batteries. Capital expenditure is expected to fall $900m to about $2.5bn this year and Tesla had $2.2bn in cash and equivalents.
Before the earnings report, Tesla's shares had fallen 6% in past year amid concern that Model 3 production delays would weigh on its finances and force it to raise more cash.
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The company said it finished the second quarter with $2.78 billion in cash, and vowed to turn profits in the third and fourth quarter of 2018 - a promise previously made by CEO Elon Musk. There's "no excuse for bad manners", Musk said.
Tesla says it lost almost $743 million between April and June this year, compared with about $785 million last quarter. "Perhaps it reflects a more cautious Elon Musk".
Tesla's second-quarter financials are out, and things are looking OK, but next quarter is when things will get truly interesting.
For nearly a year, Tesla followers fixated on the company's target to make 5,000 Model 3s in a week. It also said that Model 3 gross margins would "grow significantly" to about 15% this quarter and 20% in the last three months of the year.
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Tesla said it produced 53,339 vehicles in the second quarter and delivered 18,449 Model 3s. The stock has slumped 19 per cent since a 2018 high of $370.73 in June.
Tesla announced they hit 5,000 units per week early last month.
Tesla's full letter to shareholders can be viewed over here.
Tesla pulled out all the stops to finally achieve this at the end of June, flying in a production line from Germany on a cargo plane, adopting an around-the-clock schedule and erecting a massive tent to house another assembly line in the parking lot of its California plant. Tesla is going to be an unbelievable company over the next five years.
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The company will have to begin making payments on $230 million in debt in November unless its stock price jumps to more than $560 by then.