A Tesla wheel Justin Sullivan, Getty Images

Tesla Loss Widens as Expansion Nears

The automaker and burgeoning energy power reported a quarterly loss of $184 million, almost exactly triple its loss from the same quarter last year, though revenue did increase 20%.

WASHINGTON, D.C. — Tesla reported Wednesday its loss for the second quarter widened to $184 million as the electric carmaker geared up for expansion.

The net loss tripled from the $61 million in the same period a year ago for the company founded by tech entrepreneur Elon Musk and known for producing vehicles sought after by celebrities and other wealthy individuals.

Revenue rose some 20% from a year ago as Tesla produced a record 12,807 vehicles and delivered 11,532.

Tesla has been in the midst of a global expansion, and is preparing to launch its new Model X, a crossover designed to boost the market appeal for the company.

"We are now targeting deliveries of between 50,000 and 55,000 Model S and Model X cars in 2015," Musk said in a letter to shareholders with his CFO Deepak Ahuja. "We are still testing the ability of many suppliers to deliver high quality production parts in quantities sufficient to meet our planned production ramp."

While Tesla produces relatively few vehicles, it has become a star in the sector due to keen demand and a reputation for high quality.

Tesla plans to invest about $1.5 billion this year to expand production capacity, construct its huge Gigafactory for batteries and expand its network of charging stations

Tesla is also gearing for a new project to adapt car batteries to store power in homes and businesses with its new Powerwall and Powerpack.

Copyright Agence France-Presse, 2015

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