Tesla’s company revenues reached $ 6.35 billion during the second quarter of 2019, helping to reduce the loss gap compared to the previous period.
Tesla’s financial report for the second quarter of 2019 showed revenue of $ 6.35 billion compared to $ 4.5 billion in the first quarter of this year, after delivering 95,356 electric cars in the fourth quarter to a record for the company’s sales. But this net income attributable to a net loss of about $ 408 million during the same period.
The company had suffered losses of about $ 700 million during the first quarter, but these losses subsequently shrunk to $ 408 million.
Which means that Tesla has been able to make significant progress on its way to profitability during the coming period as its revenues grow.
Tesla company says it is on track to net profit in the second half of the year, meaning it will outpace its long-term losses despite its mixed revenue growth. As it seeks to sell 360,000 cars to 400,000 cars by the end of this year to reach its optimum.
It may not be easy, but the company hopes to manufacture the Model 3 of its cars in China to achieve that shift.
The results were less than expected for Wall Street experts, which contributed to Tesla shares tumbling after its financial report.