Tesla Beats the Street, Breaks Ground in Nevada

Tesla just released its second-quarter earnings results. Here are some quick highlights from the shareholder letter:

• The Palo Alto, Calif., electric vehicle manufacturer lost $62 million during the quarter, or 50 cents per share, on $769 million in revenue.
• Excluding certain one-time items, Tesla earned $16 million, or 11 cents a share, on revenue of $858 million, beating top- and bottom-line Wall Street expectations. Average analyst estimates called for earnings of five cents per share and more than $810 million in revenue.
• The company delivered 7,579 of its luxury Model S sedans during the second quarter, slightly ahead of earlier guidance.
• Tesla said it will exceed 35,000 car deliveries this year, as it ramps up capacity at its Fremont, Calif., plant, reiterating earlier projections. It expects the annualized delivery rate to top 100,000 by the end of 2015.
• The company said it broke ground in June on a potential site for its Gigafactory near Reno, Nev., but that doesn’t necessarily mean that’s where the massive lithium-ion battery plant will land. The company previously said it would break ground on multiple sites in order to ensure it hits some very critical deadlines related to production of its forthcoming Model 3 vehicle. Tesla continues to evaluate other locations in Arizona, California, New Mexico and Texas and expects to determine the final site in the “next few months.” Earlier on Thursday, Tesla announced it had finalized its partnership with Panasonic to construct the factory.

The stock was off about 1.5 percent in after-hours trading, with the price fluctuating around $220.

This article originally appeared on Recode.net.

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