On Wednesday afternoon, Tesla released its Q2 2017 financial results: a loss of $401 million from total revenues of $2.7 billion over the three months up until June 30th. 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. Depending upon whether Generally Accepted Accounting Practices (GAAP) were used, the net loss to shareholders was $2.04 per share (GAAP), or $1.33 per share (non-GAAP). It ended the period with $3 billion in cash.
During the quarter, Tesla produced 25,708 Model S and Model X electric vehicles and delivered 22,026 of them to customers. Sales of zero-emissions tax credits brought in another $100 million, and the company’s energy generation and storage activities saw a big increase, bringing in $287 million (compared to $214 million for Q1 2017 and just $3.9 million for Q2 2016). The company’s operating expenses actually decreased compared to Q1 2017, despite spending almost $48 million more on research and development.
In its earnings statement, Tesla revealed that it has been averaging 1,800 Model 3 reservations a day since the handover of the first production cars on July 28th. First deliveries to non-Tesla employees will begin in Q4 this year. Tesla says that production of the Model 3 will be limited by the slowest part of its supply chain and manufacturing process, but the company is confident it can build “just over 1,500 vehicles in Q3.” Output of the new EV is predicted to rise to 5,000 per week by the end of 2017. CEO Elon Musk told an earnings call that “what we have ahead of us is an incredibly difficult production ramp. But I’m very confident we can reach a rate of 10,000 vehicles per week by the end of next year.”