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Tesla posts Q2 earnings: Revenue hits all-time high of $4 billion

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.


A life long Mac user and Apple enthusiast, Yoni Heisler has been writing about Apple and the tech industry at large for over 6 years. His writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and most recently, TUAW. When not writing about and analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions, the most recent examples being The Walking Dead and Broad City.

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