The California-based electric carmaker lowered its forecast for revenue and deliveries for the third quarter to 7,800 vehicles from 9,500 because it had to shut down its factory in Fremont, Calif., to install equipment in July. The factory upgrades will allow Tesla to produce 1,000 cars a week or more once the line is running at full speed. Tesla said it should be able to ramp up production in the final three months of 2014 to reach its sales goal of 35,000.
By the end of next year, Tesla expects its delivery rate to exceed 100,000 units per year. That number will include both the Model S and its next car, the Model X, a crossover SUV scheduled to come out in 2015.
Earlier on Thursday, the automaker announced a partnership with Japanese electronics giant Panasonic Corp to open the giant battery factory in the United States in 2017.
In a letter to shareholders, CEO Elon Musk confirmed that Tesla had broken ground near Reno, Nevada, for a possible factory, but said the company is still in negotiations with several states before a final site selection is made later this year.
” The final site for the first Gigafactory will be determined in the next few months, once we have full visibility and agreement on the relevant incentives and processes for enabling the Gigafactory to be fully operational to meet the timing for Model 3. We see these concurrent efforts as prudent. This vehicle will be our third-generation product and will substantially broaden the addressable market for Tesla, helping to accelerate the transition towards sustainable transportation. Any potentially duplicative investments are minor compared to the revenue that could be lost if the launch of Model 3 were affected by any delays at our primary Gigafactory site,” Elon Musk said in a letter to shareholders.
Tesla Motors reported second-quarter earnings and revenue that beat analysts’, on a non-GAAP basis, but it lost more than $61 million on a GAAP basis, sending shares lower in after-hours trading.
The electric car maker posted second-quarter earnings per share of 11 cents, excluding items, compared to 20 cents a share a year ago. Revenue for the quarter came in at $858 million, against the year-ago figure of $552 million.
On a GAAP basis, Tesla reported a loss $61.9 million, or 50 cents a share, during the quarter, with revenue climbing to $769.3 million.