11 August, 2016
There are plans to open more Tesla stores across the globe and the company "anticipates adding new partners" to fund its continuing growth. That's more than double the loss analysts, on average, were expecting.
In the latest earnings call, Tesla performed far lower than the expectations as its losses jumped to $293 million at $1.06 per share.
Elon Musk's electric vehicle giant Tesla Motors reported lower-than-expected second quarter results, driven by a dip in the number of cars delivered as it ramped up production. Tesla earlier in the year said it expected to deliver between 80,000-90,000 vehicles in total for 2016.
If the two third-quarter payments are subtracted from the mid-year cash balance, Tesla would have $2.1 billion left over.
Tesla manufactured a record 18,345 cars (all Model S or Model X) according to Wednesday's announcement, up 18% over the previous quarter, with revenue climbing 33% for the quarter.
Tesla also focuses on non-GAAP results, which adjusts for employee stock-based compensation and other items, and that loss equaled $1.06 a share in the three months that ended June 30, compared with a loss of 48 cents a year earlier.
Last week, Musk announced a deal for Tesla to buy another of his investments, SolarCity, in a $2.6bn deal which observers expect will combine solar technology with Musk's innovative electric cars.
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Tesla Motors recently disclosed $1.1 billion in third-quarter cash needs in their filing.
Tesla's revenue was about $1.3 billion. Mr. Musk has since said the company may require more money to finance additional products.
Tesla said gross margins will improve by 2-3 percentage points in the second half of the year, although adjusted operating expenses will increase for the full year by 30 percent.
Musk sketched out an ambitious plan last month to venture into manufacturing electric trucks and buses, as well as expanding the company's solar energy business.
Once the companies are combined Mr Musk's ownership stake will increase from 23% to 25%, leaving him as the largest shareholder. It is, however, to say that the company is burning a lot of cash.
The company is now on a spending spree, emptying the bank to develop its Model 3 production line; build Gigafactory, a battery factory in the Nevada desert; and add an average of one new retail locations every four days.