Tesla Posts Q2 2018 Earnings Results
Tesla has just released its Q2 2018 earnings and financial reports.
Looking Back –
Financial results for the second quarter of 2018 are as follows:
- Revenue of $4 billion
- Loss of $3.06 per share
That’s significantly higher than the predicted loss of just $2.71 a share.
Here’s how it appears in the report:
Financials aren’t really our thing here at InsideEvs though, so let’s move on to what concerns us most.
The hot topic item in any recent Tesla report is the Model 3. In regards to that, Tesla stated:
In July 2018, Model 3 not only had the #1 market share position in its segment in the US, it outsold all other mid-sized premium sedans combined, accounting for 52% of the segment overall. The popularity of Model 3 is a true testament to the product. Based on trade-insthat we’ve received so far, we can see that the total addressable market for Model 3 is much larger than mid-sized premium sedans. We are drawing customers from many other segments, including non-premiums sedans and hatchbacks.
Beyond that, Tesla provided an overall update on all three of its vehicles, stating:
Demand for Model S and Model X vehicles remains high, with Q2 2018 being our highest ever Q2 for Model S and Model X orders. In July 2018, we delivered our 200,000th vehicle in the US, which means that our US customers will have access to the full $7,500 federal tax credit until the end of 2018, at which point it will phase out over the course of 2019. We produced 53,339 vehicles in Q2 and delivered 22,319 Model S and Model X vehicles and 18,449 Model 3 vehicles, totaling 40,768 deliveries.
A comment was made in regards to Model 3 new orders too. Tesla specifically mentioned the Performance version draw:
Additionally, we recently started taking requests for Model 3 test drives in July and have already received more than 60,000 Model 3 test drive requests in the US alone. Most stores in North America were just getting Model 3s for test drives in July 2018. Early results indicate that the Model 3 test drive-to-order conversion rate is higher than for Model S, so weekly orders should grow significantly in upcoming months.
You’ll find an overload of additional information in the full release from Tesla posted below: