Tesla has more than doubled revenue in the second quarter (Q2) of 2017 thanks to significant increases in customer deliveries.
The American brand recorded total revenue of almost $2.8 billion (£2.12bn) between March 30 and June 30, more than $1.5bn (£1.13bn) on top of what it achieved in the same period of 2016.
Tesla attributed much of its revenue growth to a surge in customer vehicle deliveries, which have just grown to also include the heavily in-demand Model 3. Deliveries grew by 53% compared to Q2 of 2016 – something Tesla said was unique in an otherwise “flat luxury vehicle market”, with 22,026 Model S and Model X deliveries in Q2 of 2017 growing the brand’s year-to-date deliveries to 47,077.
Tesla’s automotive operations contributed 93% to its revenue this Q2.
Ongoing investment into its battery-producing Gigafactory in Nevada, as well as research and development for future models, has led to it accruing losses of $336 million (£254m) in the three-month period, up from $293m (£221m) in 2016.
However, the brand’s overall progress has resulted in an 8% increase in its share prices.
Tesla expects demand for its Model S and Model X to grow through the second half of 2017. It will ramp up production of its Model 3 to 20,000 units per month from December.