All-electric carmaker Tesla is losing over $4,000 on every Model S it sells and reported an operational loss of $359 million during the Apr-Jun quarter.
The company also lowered its production targets to 50,000 units from 55,000 units for the next year as company expects hurdles in moving from producing just one model to two.
Elon Musk, CEO of Tesla, said that he is considering the option of raising capital and selling more stock, promising investors that by the first quarter of 2016 the company will be making enough money to make the jump from producing one low volume car to multiple mass production models.
Tesla’s shares fell by almost 9% on Thursday and a further 2% on Friday as investors and analysts tallied the risk of Musk’s grand plans.
Tesla had just $1.15 billion on hand as of June 30, down from $2.67 billion a year earlier. The funds most probably went towards paying for assembly line expansion, testing and development of the upcoming Model X.
The company delivered 11,532 cars in Q2 2015 with an operation loss of $47 million or $4,000 per car.