Tesla's adjusted net loss of $150 million, or $1.06 per share, fell far short of analysts' estimate of a 59-cent loss, according to FactSet. After taking in so many reservations, Tesla accelerated its production plans. Tesla's second-quarter loss, of $2.09 per share, compared to a loss of $1.45 per share in the same quarter a year ago. Tesla completed the design phase of the Model 3 in the second quarter and has already installed some production equipment for the car. Also during the quarter, Tesla announced its intention to merge with solar panel company SolarCity Corp., which is chaired by Musk and run by his cousins.

Source: ABC News August 03, 2016 20:38 UTC