Tesla loss grows as it falls short of sales goals

Electric car maker Tesla Motors Inc. ended its turbulent second quarter with a larger-than-expected loss, but said it remains on track to increase production in the second half of this year and introduce a new car in 2017.

Tesla’s second-quarter loss grew nearly 60 percent to $293 million as it delivered fewer vehicles than planned. The company produced 18,345 vehicles during the April-June period, a quarterly record, but it delivered only 14,402, which was short of its goal.

The loss, of $2.09 per share, compared to a loss of $1.45 per share in the same quarter a year ago. The 13-year-old company has only reported one profitable quarter, in 2013.

Revenue rose 33 percent to $1.27 billion. Tesla said the average price of its new Model X SUV is more than 15 percent higher than the Model S sedan.

Tesla’s shares rose less than 1 percent to $227.50 in after-hours trading.

ASSOCIATED PRESS

This story was originally published August 3, 2016 at 5:55 PM with the headline "Tesla loss grows as it falls short of sales goals."