Tesla on Wednesday reported a second-quarter loss that was greater than analysts had forecast, as well as revenues that fell short of expectations.
The electric-car maker’s adjusted loss per share came in at $1.06, and adjusted revenue was $1.56 billion.
Analysts had estimated an adjusted loss per share of $0.60 and revenue of $1.63 billion, according to Bloomberg.
The company said that it delivered 14,402 vehicles in the second quarter, about 30 more than it preannounced in July and short of its target for 17,000.
Tesla said that an “extreme” production ramp and an unusually high number of vehicles still on their way to consumers caused the miss.
The company said that it is on track for 50,000 deliveries in the second half of the year. That would put it at the low end of its 2016 guidance of 80,000 to 90,000 deliveries.
Investors were focusing on a lot more than how Tesla’s revenue and sales shaped up during the quarter.
To recap some of the big news this year, two executives responsible for building cars left the company as it prepared to launch its mass-produced Model 3.
In May, the company said that 373,000 reservations had been made for the vehicle.
And on Monday, Tesla announced its $2.6 billion acquisition of SolarCity, another company that CEO Elon Musk owns a stake in. SolarCity has lost 20% of its value this year, and the deal raises concerns about why Tesla is adding another cash-burning company to its own and the long-term earnings potential of a combined company.
Tesla shares fluctuated after the earnings crossed, sliding by as much as 2%. They have fallen 6% this year.
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