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Tesla's Q2 earnings report shows a company in recovery, but still not out of the woods

Despite having a rosier outlook than its Q1 report, Tesla's stock took a nosedive after it posted another sizable loss.

Despite having record vehicle deliveries and a successful capital raising effort, Tesla's stock is down after it reported another loss, much bigger than analysts expected.
Frederic J. Brown/AFP/Getty Images

Tesla's second-quarter earnings report that it released on Wednesday was filled with significantly less doom and gloom than Q1's was, and that's in large part to Tesla's successful capital-raising program as well as its record number of vehicle deliveries during Q2. Despite that, it still posted a loss of $408 million and as of 3 p.m. Pacific time, its share prices were down by over 9% in after-hours trading.

Apart from the company's financial bummer of another quarter in the red, we got confirmation from Tesla that it expects its Chinese Gigafactory outside Shanghai to be ready to launch by the end of the year, with Model 3 production starting there around that time. Tesla is also accelerating its efforts to begin work on a European Gigafactory starting with finding an appropriate location in which to situate it.

Tesla also expects that it will be ready to start production on Model Y here in the US sometime in the Fall of 2020 -- a timeframe that's in-line with what it's discussed previously. Things with Models S and X are mostly -- and forgive us this terrible pun -- on autopilot now. Those vehicles are being built at Fremont during a single shift, and Tesla itself has said it has no significant revisions planned for its flagship models.

Also noteworthy is Tesla's report that it has been able to sell off the bulk of its on-hand Models S and X, such that it now has just 18 days worth of inventory for those vehicles if sales rates stay what they are now.

In the realm of technology, Tesla reiterated that it expects Advanced Summon to roll out soon. That's along the lines of what CEO Elon Musk had said on Twitter when he explained that Full Self-Driving would be increasing in price next month.

It also talked about an expansion of Navigate on Autopilot to more areas of Europe and Asia as well as stop sign and traffic light recognition being running in "shadow mode" across the Tesla fleet, verifying that Tesla's simulations and real-world results match up. This can realistically be taken to mean that we're probably not eons away from seeing that roll out to the Early Access program and then the public.

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