Tesla's second-quarter financial report: Loss exceeded expectations and production capacity increased
On August 3, Pacific Time of the United States, Tesla announced its second quarter 2016 financial report. The financial report showed that the sales revenue and the number of delivered vehicles were not as expected, but the capacity issue has improved.
Under the non-GAAP standard, sales revenue was US$1.56 billion, which was US$1.2 billion in the same period last year, which was slightly lower than the expected US$1.62 billion. Tesla’s adjusted loss per share for the second quarter was $1.06, worse than the market’s expected loss of 52 cents per share.
The increase in the Model S price, plus the manufacturing of the Model X, has increased Tesla's gross margin. Under the GAPP standard, the gross margin of its automotive business was 23.1%. Under the non-GAAP standard, the gross margin of the automotive business reached 21.9%.
Tesla said in the statement that a total of 18,345 vehicles had been produced in the second quarter, which was a record in history, an increase of 18% from the first quarter of this year and a 43% increase from the same period of last year. In the second quarter, the company delivered 14,402 new cars, including 9,764 Model S and 4,638 Model X, more than expected last month. Prior to this, Tesla's goal this year was to deliver 80,000 cars. In the first half of 2016, it had 50,000 more missions to complete. In view of the current situation, this goal has become increasingly important to it. The harder it is to achieve. However, Tesla pointed out that almost half of the delivery in the second quarter occurred in the last four weeks.
In recent weeks, Tesla has had constant news, after a model S car owner accidentally died during automatic driving; and Tesla’s purchase of solar company SolarCity for $ 2.6 billion was also controversial on Monday. Together with the long-term "overall plan" proposed by Tesla CEO Elon Musk last week, this week's results of Tesla's second-quarter financial report, which was announced this week, have attracted the attention of the public. After the financial report was released, Tesla's share price fell by 3.2%, and then quickly rebounded, rising by 1.6%. Tesla's share price closed down 0.62% during normal trading hours on Wednesday.
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