Tesla Model XEnlarge Photo
Tesla Motors [NSDQ:TSLA] has released a bundle of information about its future plans in a letter to shareholders outlining its second quarter financial results. In the letter, CEO Elon Musk revealed that production of the Model S reached a new record of 12,807 cars, and that deliveries for the quarter also reached a new record of 11,532 cars. This makes the Model S the most popular electric car in the country at present.
It wasn’t all good news, however. Musk said Tesla may miss its previous prediction of delivering 55,000 cars this year, suggesting that the final figure may be around 5,000 units lower. He explained that this is due to the challenges of adding Model X production to the company’s plant in Fremont, California. There won’t be any more delays in the Model X’s arrival, however, with Musk confirming deliveries of the electric SUV will start next month.
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Also planned for later in the year is an expansion of Tesla’s Autopilot autonomous feature. The feature at present can read speed-limit signs and adjust the car to the speed on the sign. It can also change lanes when the driver uses the turn signal. And no later than the fourth quarter of 2015, Tesla will start deliveries of its Tesla Energy products. These include the battery home energy storage systems announced back in May.
Looking further ahead, Musk confirmed that the design of the entry-level Model 3 sedan will be revealed in the first quarter of 2016. The car is said to have a range of at least 200 miles and a starting price of $35,000 before any Federal, state, or local incentives. Deliveries of the Model 3 will start in late 2017, Musk said.
As for Tesla’s actual financial results, revenue for the period was an impressive $1.2 billion on a non-GAAP basis, which was slightly better than what analysts had forecast. However, this still resulted in a loss of $61 million. When using figures calculated with generally accepted accounting principles, Tesla’s revenue reported was $955 million and its net loss totaled $184 million for the quarter. Of course, the company has been making significant capital expenditures in preparation for the Model X, with the bill for the second quarter coming in at $405 million.
Also mentioned in the letter is an experimental referral program. If a Tesla owner refers a friend to purchase a new Tesla, the friend will receive $1,000 off the purchase price of their car, and the owner making the referral will also receive a $1,000 credit to be used for Tesla service, accessories or another Tesla car purchase.
And finally, Tesla said its Supercharger installation program is proceeding at pace. The company now has 487 of the fast-charging stations globally and has recently accelerated the pace of deployments such that a new station is opening nearly every 24 hours. For example, drivers in California are on average never more than 42 miles away from a Supercharger, while drivers in Germany are on average never more than 33 miles away from one. Tesla is also retrofitting sites with a new liquid-cooled charging cable that will allow even faster Supercharging capabilities.