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Tesla Inc. (NASDAQ:TSLA) Shares Up 6.5% After Earnings Beat


But most of the attention was focused on the Model 3, which was delivered to its first 30 customers - all Tesla employees - last week.

Despite Tesla entering "production hell" as he puts it, Musk says he's never felt better about the company.

The electric vehicle maker has cautioned that its rollout of the Model 3, its first attempt at a mass-market auto, would face challenges. Musk said on the call.

Revenue rose to $2.79bn from $1.27bn, which beat Thomson Reuters' estimate of $2.51bn, and investors were pleased the carmaker still had $3bn cash on hand at the end of the second quarter.

More than 22,000 deliveries of the Model S and Model X vehicles were made in the quarter, which takes the brand's overall deliveries this year to more than 47,000.




"What people should absolutely have zero concern about, and I mean zero, is that Tesla will achieve a 10,000 unit production week by the end of next year", said Musk.

Tesla reported a net loss of $336 million for the second quarter, more than the $293 million loss it booked in the same period a year ago.

Model S demand was increasing, Tesla said, adding that Model S and X deliveries would rise in the second half of 2017. A successful launch of the Model 3 shows it's headed in that direction, but as this latest report confirms, Tesla definitely isn't there just yet.

"There are walls moving all around that can all impede the success of the Model 3", said Karl Brauer, the senior director of content and executive publisher for Cox Automotive.

Despite the launch of the cheaper Model 3, Telsa said it has seen an increase in orders for the Model S. The Model 3 has a starting price of US$35,000, compared to about US$55,000 for the Model S. In our initial impression, we note positive fundamentals including the key Model 3 met its targeted production start and that Model S pre-orders are at about 500K (up from prior 373K). More than 25,000 vehicles were produced by Tesla in the second quarter of 2017, up 40% from the same time past year. The automaker released its production ramp schedule, and according to it, those who ordered the most expensive models with premium features can expect priority, even if they ordered after buyers who ordered the base model.

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