Tesla posts more losses despite record deliveries

Tesla has posted a loss of $408 million for the second quarter of 2019 despite producing a record number of vehicles.

The deficit – equivalent to about £327m – is, however, an improvement on the $702 million (circa £562m) loss that the American electric car manufacturer announced for the first quarter of 2019.

Tesla made and delivered more cars in the second quarter of the year than any other time in the company’s history, buoyed by the introduction of its new Model 3 saloon. In the first quarter of the year, it delivered 95,356 cars and produced 87,048 vehicles – compared with 91,000 and 86,000 respective units in the final quarter of 2018.

News of the latest loss comes alongside an announcement that the firm’s chief technical officer, JB Straubel, is stepping down after 15 years and moving to an advisory role. He will be replaced by vice-president of technology Drew Baglino.

“I’m not disappearing,” Straubel said, according to Teslarati, “and I just wanted to make sure that people understand that this was not some, you know, lack of confidence in the company, or the team, or anything like that. I love the Tesla team.”

Tesla currently has three models on sale in the UK, which will be added to with the introduction of the Model Y crossover and Roadster, slated for arrival next year.