A $717.5 million loss for the quarter
Tesla announced their second-quarter results this afternoon and the picture that it paints is somewhat cloudy. The company reported a loss of $717.5 million for the quarter, marking the seventh consecutive loss, On the upside, Tesla's revenue for the quarter was about $3.4 billion.Â
In terms of production, Tesla said it produced 53,339 vehicles for the quarter. More importantly, the company delivered 18,449 Model 3s in that timeframe.
During the earnings call, CEO Elon Musk said the company would become profitable towards the end of this year as it ramps up production and deliveries of the Model 3.
"Our goal is to be profitable and cashflow positive in every quarter going forward," said Musk.
To reach this, Musk has set new goals of producing 6,000 Model 3s per week by the end of August, and then raising that to 10,000 vehicles next year. Currently, Tesla is producing "approximately 5,000 Model 3 cars" per week.
Source: Tesla
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