Tesla has garnered a whooping loss amounting to $293million (220 million euros) over the second quarter of the year, which marks the electric car marker’s 13th consecutive quarterly loss.
Tesla Reports Thirteenth Consecutive Quarterly Loss
The car company made sales of about $1.3 billion between April and June, which is a flop from what the analysts had expected in terms of sales, which amounted to $1.6 billion. Tesla only managed to deliver 14,402 electric cars to the market missing its target of 17,000 cars.
This is the second consecutive quarter where the electric car company has failed to meet its car production goals, which has in turn raised a lot of concern as to whether the company will be able to meet the targets it has set out for the year.
In their defense, Tesla claims that majority of their second quarter sales were made within the last four weeks of that quarter. Moreover new vehicle orders have increased by 67% since last year. However the company is currently on track to meet the growing demand by delivering 50,000 Model X and S cars by the end of the second half of this year.
"Making cars is hard... and they still are in the growth stage. The market looks like it wants to offer Mr. Musk the benefit of the doubt," said Ivan Feinseth an analyst at Tigress Financial Partners.
Tesla has other projects in the works including the design of new model 3 Sedan whose production is set to begin before the year ends.
This new model is the company’s attempt at broadening its market by making a car that is more durable yet affordable. The new model 3 will go for a meager price of $35,000.
Tesla will also open new stores in new towns including Mexico City, Seoul and Taipei as well opening new outlets in areas where the company already has a strong presence.