Tesla reported losses of £220 million for the second quarter of 2016, continuing a negative trend that’s continued for more than three years.
The electric car maker built and delivered 14,402 cars between April and June of this year, which was 2598 below its target for the period. Sales amounted to close to £998m, which was also down on market predictions.
Despite missing delivery targets for the second quarter in a row, Tesla said it would be able meet future targets, including delivering 50,000 Model Xs (pictured above) and Model Ss before the end of 2016, because production has now been ramped up significantly.
It said evidence for this promise came with the fact that nearly half of its production for the previous quarter came in the period’s final month.
Meanwhile, sales were up by 67% on the year before. The period was also a record-breaking one for Tesla; its newly unveiled Model 3 received an unprecedented amount of orders, which insiders say amounts to nearly half a million units.