Tesla this afternoon released its earnings report for the second quarter of 2018 and posted revenue of $4 billion and an accompanying loss of $3.06 per share. Investors on Wall Street, meanwhile, were anticipating revenue to fall somewhere in the $3.791 billion range and a loss of $2.90 per share. During the same quarter a year-ago, Tesla saw its Q2 revenue hit $2.79 billion while posting a loss of $1.33 per share. Clearly, Tesla is generating more revenue than ever before but still can’t quite seem to turn a profit.
Of course, the big metric investors care about when it comes to Tesla centers squarely on Model 3 production. While it’s no secret that the Model 3 ramp-up got off to a much slower start than Tesla initially promised, the company during the last week of June did manage to boost Model 3 production up to 5,000 units/week. For the quarter gone by, Tesla a few weeks ago noted that Model S, Model X, and Model 3 deliveries respectively checked in at 10,930, 11,370, and 18,400 units for the quarter.
Notably, Tesla in its shareholder letter writes that it has been able to maintain a Model 3 production rate of 5,000 units per week.
“During the month of July,” the letter reads in part, “we have repeated weekly production of approximately 5,000 Model 3 cars multiple times while also producing 2,000 Model S and X per week. Having achieved our 5,000 per week milestone, we will now continue to increase that further, with our aim being to produce 6,000 Model 3 vehicles per week by late August.”
While its reassuring to see Model 3 production remain steady, you might remember that Tesla a few weeks ago said that it could get production up to 6,000 units per week by July, a target date that has since been pushed back to August.
Looking ahead, Tesla writes that Model 3 production should reach 10,000 units per week sometime next year.
Tesla’s full letter to shareholders can be viewed over here.