Tesla has recorded a US$292m loss for the second quarter, while the automaker also delivered fewer cars in Q2 than originally planned as a result of what is says is the company’s steep production ramp.
Automotive revenue was US$1.2bn on a GAAP basis and US$1.5bn on a non-GAAP basis, which includes a US$293m net increase in deferred revenue and other long term liabilities resulting from lease accounting used for indirect leases issued through bank partners and cars sold with an RVG (resale value guarantee).
Tesla added fewer Q2 deliveries resulted in almost half the quarter’s production occurring in the final four weeks of the quarter. Given inflection points in the production ramp and firm shipping cut-offs, shifting production by even a short period of time had a disproportionate impact on the number of cars which were delivered by quarter end.
“Production and demand are on track to support deliveries of approximately 50,000 new Model S and Model X vehicles during the second half of 2016.” said a Tesla statement. “Vehicle production efficiency is improving rapidly and we are now increasing our weekly production rate even further.
“Barring any further supply constraints, we plan to exit Q3 with a steady production rate of 2,200 vehicles per week and plan to increase production to 2,400 vehicles per week in Q4.
“Despite the disciplined pace of capital spending in the first half of this year, we still expect to invest about US$2.25bn in capital expenditures in 2016, in support of our accelerated production plan for Model 3.
“As we move ever closer to the launch of Model 3, we remain as excited as ever for the future of Tesla.”