That's more or less the same performance as the company reported for Q1 2017, but it does show a 49 percent jump in revenue and 53 percent jump in vehicle deliveries compared to the same period in 2016. Model S and Model X combined deliveries in the quarter grew nearly 53% globally versus the prior year, even though the luxury vehicle market was essentially flat.
About 19% of Q2 deliveries were subject to lease accounting, down from about 25% in Q1, as we retained residual risk on fewer vehicle deliveries. Following the sale, the director now owns 166,164 shares in the company, valued at $61,095,179.52. The company's operating expenses actually decreased compared to Q1 2017, despite spending nearly $48 million more on research and development. "We believe the excess production above deliveries, the discontinued "order rate" metrics, and the company's 2H17 guidance (Model S and Model X deliveries to likely exceed) in combination with the past four quarters of delivery results point to a plateauing of demand for its current products", Tamberrino and his colleagues had written in a note to clients. But Tesla's adjusted loss of $1.33 per share handily beat Wall Street's forecast of a $1.88 loss per share, according to analysts polled by FactSet.
Market watchers surveyed by Bloomberg estimated a company loss of $450 million, or $2.34 per share, on revenue of $2.5 billion.
Clement Thibault, senior analyst at Investing.com, noted that the electric vehicle and clean energy company needed outside cash infusions for three of the last four quarters.
During Q2, we increased the capacity of our revolving asset-backed credit line by $625 million to $1.83 billion (with the ability to expand capacity by another $175 million to $2 billion).
Automotive gross margins for the quarter improved to 27.9 percent from 23.1 percent a year ago.
Musk also revealed that he spends much of his time at Tesla working on Autopilot. Originally the auto, tentatively called Model Y, was going to be built on an entirely new manufacturing platform.
The Model Y is expected to arrive in 2019 or early 2020. It wants to increase that further to 10,000 vehicles per week sometime next year. Musk said Tesla has also seen new interest in the Model S and Model X.
The Model 3 is created to provide Tesla with gross margins "comparable to Model S and Model X as production scales into 2018", even without tax and other government incentive programs, which should mean the demand will translate well into benefit for its bottom line, once it can get over the production hump and start making them at scale. The electric vehicle market represent just 1% of the 17.5 million cars sold past year.
Shares of Tesla are up almost 4% to $337.45 in after-hours trading Wednesday. Tesla has a 52-week low of $178.19 and a 52-week high of $386.99.
The stock's 50 day moving average price is $346.20 and its 200 day moving average price is $302.00. Vetr upgraded shares of Tesla from a "strong sell" rating to a "sell" rating and set a $335.62 price target for the company in a research report on Tuesday, June 13th. (The) restated a "sell" rating and issued a $180.00 price objective on shares of Tesla in a research report on Monday.