Tesla has published its second-quarter 2019 financial report, revealing record deliveries of 95,356 vehicles alongside a new record production of 87,048 vehicles. These new records exceed the previous quarterly records set by the company in its fourth-quarter of 2018. In addition, Tesla says its ended Q2 2019 with its highest cash and cash equivalents ever at $5.0 billion.
According to Tesla, its high level of liquidity puts the automaker ‘in a comfortable position’ as it works toward the launch of its Model Y production in the United States and Model 3 production in China. During Q2 2019, Tesla saw a GAAP operating loss of $167m and a GAAP net loss of $408m, of which it includes $117m in restructuring and other charges.
Breaking down the numbers, Tesla achieved a new all-time record of Model 3 deliveries at 77,634. This model remained the bestselling premium vehicle in the United States, according to the automaker, and it ‘gained traction’ in international markets. Model S and Model X production, meanwhile, exceeded 14,500 vehicles during the company’s second-quarter with deliveries of 17,722 cars.
The automaker initiated ‘preparations’ for the production of its upcoming Model Y vehicle during Q2, as well. The company anticipates the Model Y being more profitable than the popular Model 3; the two models have ‘significant overlap of components,’ as well, enabling Tesla to ‘leverage existing manufacturing designs’ when developing the production facilities for the Model Y.
Tesla plans to launch Model Y production in Fremont by the fall season of 2020, as well as Model 3 production in China by the end of this year. The company says it is ‘on track’ to hit these goals. As well, the earnings report states, ‘We are most focused on expanding our manufacturing footprint in new regions, launching new products and continuing to improve the customer experience, while generating and using cash sustainably.’