DETROIT — Tesla Motors' net loss nearly tripled to $184 million in the second quarter as it spent heavily to prepare for the launch of its new Model X SUV.
The Palo Alto, California-based electric car maker said Model X deliveries will start in the third quarter. Production will ramp up quickly in the fourth quarter.
But Tesla said it's not totally confident that suppliers will be able to match its production demands, so it lowered expectations for its total annual sales this year. Tesla said it expects to sell between 50,000 and 55,000 Model S sedans and Model X SUVs this year, down from a previous target of 55,000.
Tesla sold a record of 11,532 Model S electric cars in the second quarter. Revenue rose 24 per cent to $954.9 million.
Tesla's net loss, of $1.45 per share, was wider than the loss of 50 cents per share a year ago.
Tesla says unadjusted figures do not reflect its true performance because accounting rules limit how it records revenue for leases. On an adjusted basis, the company lost $61 million, or 48 cents per share, in the April-June period. That beat Wall Street's forecast of a 60 cent loss per share, according to analysts polled by FactSet.
The Associated Press