TSLA Tesla Inc

Tesla Motors Inc. posted a loss of $293 million in the second quarter, nearly 60% wider than a year ago, as deliveries fell short of expectations and expenses rose.

Adjusting for Tesla's lease accounting and stock-based compensation, Tesla lost $150 million, or $1.06 per share, more than double the loss that Wall Street had expected in the period that ended June 30.

Revenue rose 33% to $1.27 billion. Tesla adjusted its delivery count for the quarter slightly to 14,402. It had originally hoped to deliver 17,000 vehicles in the quarter.

Tesla's push for growth is driving its losses deeper as the company takes on increasingly ambitious objectives. It is building the world's largest battery factory and is pulling forward full-scale production of its Model 3 electric car by two years.

Tesla raised $1.7 billion in an offering in May. Mr. Musk has since said the company may require more money to finance additional products.

Tesla's cash position rose to $3.25 billion at the end of the quarter. Excluding the fundraising, it had negative cash flow—operating cash flow minus capital spending—of $170 million. Tesla's operations generated cash for the first time in several quarters, mostly owing to the effect of $1,000, refundable Model 3 reservations.

Tesla said it is on track to build 50,000 vehicles in the second half of the year, after delivering just under 30,000 in the first half.

Tesla announced a plan late in the second quarter to combine with SolarCity Corp. Both companies share Elon Musk as a chairman and top shareholder. On Monday, the electric-vehicle maker announced it reached a firm deal with SolarCity valued at $2.6 billion.

Shares of Tesla rose 0.3% to $226.41 in after-hours trading.

Write to Mike Ramsey at michael.ramsey@wsj.com

(END) Dow Jones Newswires

August 03, 2016 16:55 ET (20:55 GMT)

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