PALO ALTO, Calif., Aug. 6 (UPI) — Tesla Motors on Wednesday posted a loss of nearly $185 million in the second quarter and adjusted its figure for 2015 deliveries, which was accompanied by a drop in its stock price.
In a letter to investors Wednesday, Tesla CEO Elon Musk outlined the company’s updated vision and encouraged fiscal supporters to focus on the company’s growth.
“In Q2, we produced 12,807 vehicles, exceeding our target of 12,500 vehicles. This represents a 15% sequential increase in production and a 46% increase from a year ago,” he wrote.
However, MarketWatch reported, Tesla’s $184 million net loss is nearly three times as large as the company’s loss in the second quarter of 2014.
In the letter, Tesla commemorated the third anniversary of the Model S and acknowledged the highly anticipated Model X sport utility vehicle that is due out in the third quarter.
Tesla noted that its non-Generally Accepted Accounting Principles revenue for the second quarter was $1.2 billion — $955 million in GAAP revenue.
In March, the company said it would deliver 55,000 vehicles this year. Wednesday, it hinted it might deliver 5,000 fewer automobiles. The possible reduction was accompanied by a 6 percent drop in Tesla stock.
“Since Model S and Model X are produced on the same general assembly line, Model X production challenges could slow Model S production,” Musk said. “Simply put, in a choice between a great product or hitting quarterly numbers, we will take the former.”
Tesla’s $184 million loss is nearly $60 million more than analysts expected.