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Tesla sold a record number of Model 3s last quarter as revenue hit $6.3 billion

Updated Jul 24th, 2019 6:04PM EDT
Tesla Earnings
Image: David Zalubowski/AP/Shutterstock

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Tesla posted its earnings for the June quarter today and, per usual, there’s a lot to dissect. Revenue wise, the company generated $6.3 billion compared to $4 billion during the year-ago quarter. Analysts on Wall Street, meanwhile, were anticipating revenue to fall somewhere in the $6.4 billion range.

Earnings wise, Tesla posted EPS of $1.12. This compares to a loss of $3.06 per share during the same quarter last year. And while that is clearly a step in the right direction, analysts on Wall Street were anticipating a smaller loss in the range of $0.55 per share. So while Tesla didn’t lose as much money as it did compared to last year, the extent of Tesla’s quarterly loss sent the stock tumbling down nearly 10% in after hours trading.

Delivery wise, Tesla earlier in the month revealed that they delivered 95,200 vehicles during the June quarter, good enough to set a new quarterly record. Across the company’s vehicular lineup, the Model 3 accounted for 77,550 of those deliveries while the Model S and Model X accounted for the remaining 17,650 units.

Tesla’s press release reads in part:

Combined with our public offering of equity and convertible bonds (net proceeds of $2.4 billion), we ended the quarter with $5.0 billion of cash and cash equivalents, the highest level in Tesla’s history. This level of liquidity puts us in a comfortable position as we prepare to launch Model 3 production in China and Model Y production in the US.

As for other notable tidbits, Tesla revealed that preparations for Model Y production began at the company’s Fremont factory this quarter.

“Due to a significant overlap of components between Model 3 and Model Y,” Tesla notes, “we are able to leverage existing manufacturing designs in the development of the Model Y production facilities. Additionally, we are making progress managing Model Y cost with only a minimal cost premium expected over Model 3.”

Additionally, Tesla made a point of noting that the Model Y will likely be more profitable than the Model 3 due to a higher ASP and the popularity of SUVs.

Looking ahead, Tesla anticipates that it will be able to deliver upwards of 400,000 vehicles before the end of the year.

Yoni Heisler Contributing Writer

Yoni Heisler has been writing about Apple and the tech industry at large with over 15 years of experience. A life long expert Mac user and Apple expert, his writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and TUAW.

When not analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions.