Teslas second-quarter loss of more than $400 million has gradually taken shape in Shanghai

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 Teslas second-quarter loss of more than $400 million has gradually taken shape in Shanghai


Qian Tongxin

Teslas losses widened further in the second quarter. After Wednesday local time, Tesla released its second quarter results. Tesla lost $408 million in the quarter, according to earnings reports. A loss of $1.12 per share was substantially higher than the previous forecast of a loss of 40 cents per share. Teslas second-quarter revenue was $6.3 billion, below its forecast of $6.4 billion.

Teslas share price plunged 10%. Teslas share price has fallen 22% since this year.

But in the second quarter, Tesla sold a total of 95,200 electric cars. For many investors and analysts, this is surprising news. Teslas sales increased by about 50% compared with the first quarter.

The increase in sales was also attributed to Teslas sale of the Model 3. Earlier, Tesla lowered the price of the Model 3 new energy vehicle by $1,000, and the total price of the minimum configuration version was about $39,000. However, analysts fear that Model 3 will affect Teslas profits after the price reduction. The Model 3 accounted for 80% of Teslas sales in the second quarter.

Tesla invested a lot of money in building a new plant in Shanghai and designing a new vehicle and service system at the same time. This quarters loss expanded to $408 million.

Tesla officials disclosed the progress of the Shanghai Tesla Super Factory in their earnings report. According to the company, Shanghai factories are taking shape. Tesla began to gradually move production equipment into the factory in the second quarter to complete the first phase of production. According to Teslas plan, mass production of Shanghai factory will be realized by the end of the year. The product is the most cost-effective model 3 second generation electric vehicle, and the annual output will reach the level of about 150,000 vehicles. By the end of June 2020, the target of producing 500,000 new energy vehicles worldwide every year will be achieved.

The starting price of Model 3 in China is 328,000 yuan. In the mid-to-high-end electric vehicle field, sales of medium-sized luxury cars in China exceeded 500,000 last year. Tesla believes that the company can have long-term competitive strength in China.

One of Teslas major problems is that sales of the more profitable ModelS high-performance luxury cars and ModelXSUV luxury cars have fallen sharply this year. In the second quarter, the total sales of the two models were 17 650. Sales fell by 10,000 vehicles in the last quarter of 2018.

Shane Marcum, general manager of Cross-sellReports, said: It is clear that market demand for ModelS and ModelX has decreased. Model3 is replacing sales of S and X.

Teslas losses and revenue were lower than analystsforecasts, but the company still said it expected to make profits in the second half of the year. Tesla expects sales of new energy vehicles to continue to grow in the second half of the year, with a target of 360,000 to 400,000 vehicles this year. But Teslas sales in the first six months of this year were less than half of the years expectations, which means that Tesla needs to sell at least 100,000 cars in each quarter to reach its target. To achieve this goal, Tesla must increase productivity at existing plants. For this year, Tesla cant expect new models to attract consumers and boost sales. They are developing ModelY, which has many similarities with Model 3, but it has three rows compared to the two-row seats in Model 3. However, the model will be available by the end of 2020. At the same time, Tesla is also developing different types of trucks, but these are all projects after ModelY. Source: First Financial Responsible Editor: Wang Fengzhi_NT2541

Teslas losses and revenue were lower than analystsforecasts, but the company still said it expected to make profits in the second half of the year. Tesla expects sales of new energy vehicles to continue to grow in the second half of the year, with a target of 360,000 to 400,000 vehicles this year. But Teslas sales in the first six months of this year were less than half of the years expectations, which means that Tesla needs to sell at least 100,000 cars in each quarter to reach its target. To achieve this goal, Tesla must increase productivity at existing plants.

For this year, Tesla cant expect new models to attract consumers and boost sales. They are developing ModelY, which has many similarities with Model 3, but it has three rows compared to the two-row seats in Model 3. However, the model will be available by the end of 2020. At the same time, Tesla is also developing different types of trucks, but these are all projects after ModelY.