Click For Photo: http://d2pggiv3o55wnc.cloudfront.net/oann/wp-content/uploads/2016/08/2016-08-03T201224Z_2_LYNXNPEC721FR_RTROPTP_0_TESLA-RESULTS_1.jpg
(Reuters) – Tesla Motors Inc reported its 13th straight quarterly loss as a rise in sales of its Model S and Model X electric cars failed to make up for the huge cost of ramping up production.
The company, run by Silicon Valley entrepreneur Elon Musk, said on Wednesday it was on track to deliver about 50,000 new Model S and Model X vehicles during the second half of 2016.
Shares - Tesla - Panel - Installer - SolarCity
Shares of Tesla, which has offered to buy solar panel installer SolarCity Corp for $2.6 billion, were volatile in after-hours trading. They were last up 1 percent.
Tesla reported last month that it had missed its vehicle delivery target for the second consecutive quarter, raising doubts that it would hit its annual target.
Tesla - Vehicles - Quarter - Goal - Vehicles
Tesla delivered 14,402 vehicles in the second quarter, missing its goal of 17,000. It delivered 14,810 vehicles in the first quarter, which was also less than its expectations.
Excluding items, Tesla lost $1.06 per share in the three months ended June 30, compared with 48 cents in the same period last year.
Analysts - Average - Loss - Cents - Share
Analysts on average had expected a loss of 52 cents per share, according to Thomson Reuters I/B/E/S. It...
Wake Up To Breaking News!