Silicon Valley-based electric vehicle specialist Tesla has posted a significant financial loss during the second quarter of 2019, to the tune of US$389 million ($560.36m).
Reported by industry journal Automotive News Europe, the company's financial loss is "far more than analysts" had projected despite sales rising by over 50 per cent to US$6.35 billion ($9.15b).
As expected, though, the company's outspoken CEO, Elon Musk, remains positive about the company's fortunes looking forward.
"We expect growth to continue for several years to come at the 50 to 100 percent level," Musk said during a conference call.
"We can only understand an exponential [rate of growth] at a cognitive level, if that trend continues, the results will be pretty amazing – and I think that will continue."
Tesla's CEO added that he believes the EV brand would break even this coming quarter and become profitable in the fourth.
Looking forward to 2020, Musk said the first half of next year will be "tough", while the second half of the year "will be incredible".
Contributing to his outlook is the new Model Y crossover, scheduled to commence production by the American fall in 2020. There's a new factory in China that is earmarked to start producing the Model 3 sedan before the end of the year, and Musk also indicated he wants to find a location for a European factory this year.
"We remain focused on international expansion, because local production is essential to being cost-competitive," he said.
The company has dabbled with various ways of streamlining costs and offerings in recent months, including closing its retail stores (and then choosing to keep them open), along with introducing and quickly killing variants of the Model 3.
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