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Thursday 3 augusT 2017 BUSINESS
A24

Tesla’s 2Q loss widens, but results top Street

By DEE-ANN DURBIN
AP Auto Writer
DETROIT (AP) — Tesla Inc.
reported Tuesday that its
net loss widened in the
second quarter as the
electric car maker opened
new stores and prepared
for the bumpy launch of
its new lower-cost Model 3
sedan.
The loss grew 15 percent
to $336 million from a loss
of $293 million in the April-
June quarter a year ago. This image shows the Tesla Model 3 sedan. Tesla Motors Inc. re-
But Tesla’s adjusted loss, ported earnings on Wednesday, Aug. 2, 2017.
of $1.33 per share, handily (Courtesy of Tesla Motors via AP)
beat Wall Street’s forecast tiles in the second quarter, crease that still further to
of a $1.88 loss per share, and recently began instal- 10,000 vehicles per week
according to analysts lations. sometime next year.
polled by FactSet. But most attention was Tesla said it opened 29 new
Revenue more than dou- focused on the Model 3, stores and service centers
bled to $2.8 billion, also which was delivered to its in the second quarter in
beating Wall Street’s fore- first 30 customers — all Tesla order to meet Model 3 de-
cast of $2.5 billion. employees — last week. mand. It’s also planning to
Tesla’s shares jumped 6 CEO Elon Musk said the double the number of fast-
percent to $345.70 in after- company has 500,000 res- charging Supercharger
hours trading. ervations for a Model 3 and outlets this year to 10,000
Tesla saw significant it wants to ramp of produc- worldwide. Some analysts
growth in its energy gener- tion as quickly as possible. have expressed doubt Tes-
ation and storage business, The company based in la can meet its goals. The
which contributed about Palo Alto, California, said company has never made
14 percent of its revenues. it plans to produce 1,500 more than 100,000 cars
It bought solar panel mak- Model 3s in the third quar- in a year, and its last two
er SolarCity late last year ter and increase that to models faced significant
and said it began taking 5,000 per week by the end delays and production
orders for its new solar roof of this year. It wants to in- problems.q