Tesla suffered a loss of $408 million during its latest quarter as the company continues to struggle to prove it can make money while producing electric cars at prices that a mass-market can afford.
The setback announced Wednesday had already been telegraphed by Tesla CEO Elon Musk, but it still underscored an ongoing challenge that helps explains why the company’s shares have plunged by more than 20% so far this year while the Standard & Poor’s 500 index has surged by 20%. On the upside, Tesla’s second-quarter revenue climbed 47% from the same time last year to $5.2 billion. The company also generated $614 million in cash during the quarter, helping to fatten its bank account to $5 billion through June. That’s money Tesla is going to need to repay its massive debt and other bills, unless it can’t stop hemorrhaging red ink.
In a sign that investors are still worried about Tesla’s future prospects, the company’s stock dropped by nearly 10% to $239 in extended trading after the results came out.
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