Tesla Averages 1800 New Model 3 Reservations Daily

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But the company lost $336 million in the three months ending in June, according to its report, which represents a record quarterly loss. Company revenues for the quarter were $2.79 billion, more than double last year's second quarter revenues. Despite this multibillion-dollar company posting a loss, CEO Elon Musk still managed to wow Wall Street. Revenue was $2.79 billion, compared with the expected $2.51 billion.

Tesla's shares jumped 6 percent in after-hours trading.

Tesla, which had faced production issues, said it still expects Model S and Model X deliveries to increase in the second half of 2017, as compared to the first half of the year, when it delivered over 47,000 cars. Few things would be worse for Tesla than the Model 3 getting a reputation as a reliability nightmare.

The Model Y won't enter production until the end of 2019 or early 2020, Musk has previously said.

But most attention was focused on the Model 3. There were also fears of Model 3 cannibalizing Model S sales. On one hand, the company is still trying to bring up their production rates to satisfy existing demand, a feat that Musk described as "production hell".

Tesla Averages 1800 New Model 3 Reservations Daily

Deliveries to non-employees will begin in the fourth quarter. However it predicted Infineon would end up being a second source of such chips as volumes increase next year. The company also must master increased customer service demands, including customer support and charging and fix network, he said.

"The first Solar Roof installations have been completed recently at the homes of our employees, who we chose to be our first customers to help flawless all aspects of Solar Roof customer experience", a shareholders letter obtained by Electrek states. Musk rejected such suggestions, although he said a debt raising was a possibility. On Wednesday, the provider outlined that it was averaging about 1,800 net reservations every passing day for its cheaper electric auto.

However, July and August thus far were better for the skeptics as they were able to recover more than $1.1 billion of their mark to market losses.

"The ideal service is invisible", Musk said. But creating an entirely new vehicle platform for the Model Y would undoubtedly also be an incredibly expensive effort, especially for a company like Tesla that operates on razor-thin margins.

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