Tesla reports 13th straight quarterly loss, more pressure on production

It aims to end the third quarter producing 2,200 vehicles per week and increase to 2,400 vehicles per week in the fourth quarter. The company now expects to make 500,000 vehicles by 2018, not 2020 as originally planned.

Its been a turbulent quarter for Palo Alto, California-based Tesla.

Musk warned he would fire suppliers and reorganize internal teams who fail to meet a target date of July 1 to begin production of the Model 3, even while acknowledging it will not be possible to meet that date.

Electric auto developer Tesla (NASDAQ:TSLA) expects to "blow people's minds" with its self-driving vehicle technology, although its results failed to achieve quite the same effect. Musk said the new vehicles, dubbed "Tesla Minibus" and "Tesla Semi", will be revealed within the next six to nine months, before going into mass production "within low single digit years".

Tesla's second-quarter loss grew about 60 percent to US$293 million as it delivered fewer vehicles than planned. Wednesday reported a second-quarter loss that widened from a year ago, hurt largely by higher operating costs which offset an increase in revenues.

Teslas shares rose less than 1 percent to $227.50 in after-hours trading. Rather, the company announced improvement in the number of orders for Model S, electric sedan. The company also said that its production and demand is on track to support 50,000 deliveries for the upcoming second half. That would put the company close to its previously stated goal of 80,000 vehicle deliveries for calendar 2016.

"The most critical numbers in Tesla's Q2 report, revenue and profit, came in worse than expected, though that will have minimal impact on the stock's value", said Karl Brauer, a senior analyst for Kelley Blue Book.

SolarCity's chairman and biggest shareholder, Musk has said the combined company will help save at least $150 million (roughly Rs. 1,000 crores) a year and require only a "small equity capital raise" next year. Earlier this week the companies agreed to a $2.6 billion merger.

Tesla this week also announced an agreement to pay $2.6 billion in stock for SolarCity Corp., a leading provider of solar-power panels that's also led by Musk.

The electric-car company's losses ballooned to $1.06 a share from 48 cents in the year-earlier figure, much greater than the 52-cent loss estimate of analysts polled by Thomson Reuters.

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