Tesla Motors Loss Widens - Update

(RTTNews) - Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a second-quarter loss that widened from a year ago, hurt largely by higher operating costs which offset an increase in revenues.

Palo Alto, California-based Tesla reported second-quarter loss of $293.2 million or $2.09 per share, wider than last year's loss of $184.2 million or $1.45 per share.

Excluding items, adjusted loss for the quarter was $1.06 per share, compared to $0.48 per share last year. Analysts polled by Thomson Reuters expected loss of $0.52 per share for the quarter.

Tesla's revenues for the quarter improved to $1.27 billion from $955.0 million last year. Adjusted revenues for the quarter rose to $1.56 billion from $1.20 billion. Analysts had a consensus revenue estimate of $1.62 billion.

Tesla said it delivered 14,402 vehicles in the second quarter, comprising 9,764 Model S and 4,638 Model X. Tesla manufactures two all-electric cars-- the Model S sedan and the Model X, which was released last September. The company has also unveiled its low-cost electric variant Model 3 early this year, which is planned to ship in 2017.

Total operating expenses rose to $512.8 million from $383.6 million last year.

Moving ahead, Tesla expects to deliver about 50,000 new Model S and Mode X during the second half of 2016.

TSLA closed Wednesday's trading at $225.79, down $1.41 or -0.62%, on the Nasdaq. The stock further dropped $0.29 or 0.13% in after-hours trading.