Tesla’s still losing money despite a record quarter for deliveries

Photo by Sean O’Kane / The Verge

Tesla made and delivered more cars in the second quarter of 2019 than it did in any other quarter in company history, but still lost $408 million, according to a new filing with the Securities and Exchange Commission. That’s an improvement over the unexpectedly big $702 million loss Tesla posted in the first quarter of 2019, but it means the Model 3 is still not successful enough to lift the company out of the red for good.

The record quarter did help the company generate $6.3 billion in revenue, and $117 million of the loss was attributed to restructuring charges related to layoffs and store closings. Tesla also shared that it finished the quarter with $5 billion in cash, the “highest level in Tesla’s history,” largely thanks to a…

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