Tesla reports massive loss

Tesla Motors reported a larger second-quarter loss than expected this week as it worked to speed production in the face of increasing demand for its electric cars.

Tesla reported a net loss of US$293.2 million (A$383 million) in the quarter ending June 30, up from a US$184.2 million loss in the same period a year earlier.

Revenue at the California-based company climbed to US$1.27 billion in the second quarter, from $955 million a year ago.

“Tesla has completed the design phase for its Model 3 and increased overall vehicle production,” said chief executive Elon Musk.

Tesla delivered 14,402 new vehicles in the quarter, with 9764 of them being Model S sedans starting at US$70,000.

While an improvement, the number fell short of a production target of 17,000 vehicles that had previously been set.

Production and demand are on track to support deliveries of approximately 50,000 new Model S and Model X vehicles during the second half of 2016.

“We were in production hell for the first six months of the year; we managed to climb out of that,” said Musk during an earnings’ call. “Now, the production line is humming.”

He said that producing 2000 cars each week “feels like a good number” at the moment and that efficiency is quickly improving.

Model X pricing for Australia

Following on from the Model S, the Model X is on its way with a range of pricing options.

The Model X product line will consist of the 60D, 75D, 90D and P90D. The entry-level variant of the Model X, the 60D, has been added to allow more people the ability to own a Tesla.

The top of the range Model X P90D will deliver up to 467km of range, a top speed of up to 250km/h, zero to 100 acceleration in as quick as 3.4 seconds, and all-wheel drive performance.

Model X pricing 

• MODEL X 60D RRP $111,900.00, incl. LCT $122,812
• MODEL X 75D RRP $125,000.00 incl. LCT $139,842
• MODEL X 90D RRP $143,000.00 incl. LCT $163,242
• MODEL X P90D RRP $172,100.00 incl. LCT $201,072