• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 12 mins Total nonsense in climate debate
  • 1 day IMO2020 To scrub or not to scrub
  • 14 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 5 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 9 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 34 mins Will Canada drop Liberals, vote in Conservatives?
  • 51 mins Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 58 mins Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
Tainted Russian Oil Crisis May Drag On For Months

Tainted Russian Oil Crisis May Drag On For Months

Russia could have seriously underestimated…

Tesla Misses Estimates (By A Mile) But Affirms Delivery Targets

Tesla Production Line

Tesla (NASDAQ:TSLA) reported on Wednesday a wider-than-expected loss for the second quarter, but reiterated its focus on car deliveries and for full-year capital expenditure to support the Model 3 production.

Tesla Motors Inc. booked a net loss of US$293.2 million for the second quarter—up from the US$184.2-million loss for the same period of 2015—on revenues of US$1.27 billion, which was up from US$955 million for the second quarter last year, and from US$1.147 billion for the first quarter of 2016.

Adjusted for items, Tesla booked a net loss of US$1.06 per share, compared to a loss of US$0.48 per share for the second quarter of 2015. This loss was greater than analysts surveyed by Bloomberg, whoo had expected a loss of US$0.60 per share, and analysts polled by S&P Global Market Intelligence, who had anticipated a loss of US$0.65 per share on revenue of US$1.65 billion.

Beyond the profit-and-loss numbers, however, analysts and investors alike were looking to Tesla’s updates on vehicle deliveries, production targets and capital expenditure plans.

The electric carmaker said it had delivered 14,402 new vehicles in the second quarter, revising up the delivery numbers it had reported in early July, when it said its second-quarter deliveries were “lower than anticipated” at 14,370 vehicles.

At that time, Tesla had reported that they also expected to produce and deliver about 50,000 vehicles in the second half of 2016, which was affirmed in its Wednesday Q2 statement, saying “production and demand are on track to support deliveries of approximately 50,000 new Model S and Model X vehicles.”

Tesla affirmed its capital expenditure goal for 2016 at US$2.25 billion to support the production plan for Model 3, whose launch is expected next year, as scheduled.

More importantly, Tesla also reiterated its ambitious target to produce 500,000 vehicles in 2018, which allays some of the investors’ unease over the bigger-than-anticipated loss for this past quarter.

It was quite a busy quarter for Tesla, in which it signed an agreement to acquire SolarCity, formally introduced its Gigafactory and unveiled the second part of its Master Plan.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News