Tesla (TSLA) Q2 financial results are out and the numbers look a little light.
The electric car company reported revenue of $1.56 billion, falling short of analysts’ expectation for $1.63 billion. This came with a big net loss of $1.06 per share, which was much wider than the $0.60 loss expected.
Importantly, Tesla delivered 14,402 vehicles — 9,764 Model S and 4,638 Model X — during the quarter, which was about in line with expectations.
Tesla’s management has been criticized for over-promising while under-delivering. In its Q1 earnings announcement, management blamed “hubris” for causing production delays. Still, the company didn’t hesitate that it would ramp up production to achieve what RBC analyst Joseph Spak characterized as “a complex manufacturing ramp the likes of which we don’t believe has ever been seen before.
“Based on … progress, vehicle production is now on track to support about 50,000 deliveries in the second half of this year, with automotive gross margin improvement,” management said on Wednesday.
“Vehicle production efficiency is improving rapidly and we are now increasing our weekly production rate even further. Barring any further supply constraints, we plan to exit Q3 with a steady production rate of 2,200 vehicles per week, and plan to increase production to 2,400 vehicles per week in Q4.”
Tesla shares are up about 1% in after-hours trading.
The stock has underperformed the market, falling 6% this year as the S&P 500 climbed by 6%.
Sam Ro is managing editor at Yahoo Finance.