Tesla records a new half-year of multimillion-dollar losses despite Musk's plans

Tesla has presented its economic results for the first half of 2019, with negative results

Tesla has spent years carrying the reputation of being the trendy brand, pioneering fast and luxurious electric vehicles. However, Tesla’s financial results during the first quarter of the year were anything but positive, so it had to do something to try to lift a year that had started badly.

With the second quarter now over, the results have been less pessimistic thanks to the company’s capital-raising moves and, above all, a record number of vehicle deliveries during this period. However, Tesla has posted a loss of no less than 408 million dollars, and its share price has plummeted by as much as 9%.

Tesla pushes ahead with its plans despite not having a profitable track record

Despite all these setbacks, Elon Musk’s company has not abandoned any of its plans. In fact, Tesla confirmed that the Gigafactory in China will be ready to start operating at the end of the year and begin mass-producing the Tesla Model 3. In addition, the American manufacturer is stepping on the accelerator to build a Gigafactory in Europe, although it is still looking for the right country to place its factory.

Another of Tesla’s major assets for regaining the much-desired economic stability is the imminent Tesla Model Y, whose production is expected to begin in autumn 2020. However, the company’s product-related problems come with the Tesla Model S and Model X, that is, its two most iconic models.

We should not forget that both cars have already been on the market for several years and, according to the brand, there will be no significant updates to these models. For this reason, they must make do with what they have to compete with the armada of new electric vehicles coming from Audi, BMW, Mercedes…

Furthermore, production of both models is lower than demand, so they have sold most of their stock. This means that if the current sales pace continues, they would have units to survive for less than a month.

There will be news for Autopilot

Among the technological innovations, Tesla hopes to soon launch the Advanced Summon feature. Thanks to it, the car can drive autonomously in car parks and find a parking space on its own. In addition, it can read parking signs so as not to park where it is prohibited.

Summon is, for now, the only Autopilot feature that allows the car to move without anyone inside. With the new update, which is expected soon, it will reach the next level by allowing the car to autonomously search for and park itself. However, we will have to see whether this feature will be operational in our market, since Tesla’s Autopilot has been disabled in Europe.

Therefore, we will have to see how Elon Musk’s company evolves, since it has positive and negative data in equal measure. For now, we will be on the lookout to find a Tesla in the supermarket car park searching for a space while its owner is shopping: the future is already here.