Tesla finished the second quarter of 2016 with $1.56 billion USD in sales and with an adjusted loss of $1.06 USD per share.
While these results came in lower than the expected $1.62 billion with an adjusted loss of $0.52 per share, the company demonstrated its ability to increase production, an issue it previously struggled with.
In its shareholder letter, the company claimed that it finished the second quarter making 2,000 vehicles per week, totalling 18,345 vehicles produced during the quarter.
This results in an 18 percent increase in production since last quarter and a 43 percent production increase year over year. It’s been made clear that customer demand has increased exponentially, and questions have arisen repeatedly regarding whether they’d be able to meet this demand.
Furthermore, Tesla claims that it’s on track to produce 50,000 new Model S and Model X vehicles during the second half of 2016 and expects to invest $2.25 billion in capital expenditures during 2016 as part of its accelerated production plan for Model 3.
The company recently secured the acquisition of SolarCity, the largest residential solar energy installer and generator in the United States, to accelerate the world’s transition to sustainable energy.
Related reading: Elon Musk reveals Tesla’s ambitious master plan for the future of transportation