Tesla delivered and made more vehicles in the Q2 of 2019 as compared to what it did in any other quarter in the history of the firm. Still, the firm lost $408 Million, as per a new filing with the SEC (Securities and Exchange Commission). That is a development over the unpredictably huge $702 Million loss Tesla clocked in the Q1 of 2019, but it indicates that the Model 3 is still not sufficiently successful to get the company out of the loss.
The record quarter did assist the firm create $6.3 Billion in income, and $117 Million of the loss was credited to restructuring fees associated with store closings and layoffs. Tesla also shared that it concluded the quarter with $5 Billion in cash. This is the “highest level in the history of Tesla” and is attributed to a $2.7 Billion capital increment in May 2019. “We think our business has developed to the point of being self-supporting,” the company claimed.
One thing that is complicating the firm’s pursuit of earnings is that sales of the Model X and Model S have stalled largely. On one hand, that is to be anticipated, as they are earlier models that cost thousands of dollars more as compared to the latest Model 3. But they also make additional money behind every car for the firm, and hence the drop in popularity is consuming the firm’s general margins for its automotive goods, which declined from 20.2% to 18.9% in the Q1.
On a related note, Tesla earlier claimed that it opened a V3 Supercharger station on the Las Vegas Strip. The firm launched a video earlier with more info about its latest charging location, situated alongside the High Roller ferris wheel of the LINQ hotel. The firm’s newest latest charger has a charging capacity of 250 kW.