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 A recently negotiated credit line can be extended from $500 million
to $750 million and should be enough to cover planned investments in
California and Nevada factories, Chief Financial Officer Deepak
Ahuja told analysts on a conference call.
But "there may be some value" in raising additional funds for "risk
reduction," Chief Executive Elon Musk added. He declined to
elaborate.
Tesla may not be cash-flow positive until early 2016, Ahuja said.
Musk's previous estimate was the end of this year.
Tesla's new storage battery business could generate revenue of $400
million to $500 million in 2016, and "a few billion dollars" in
2017, Musk said on Wednesday.
Tesla lowered its full-year sales forecast to a range of 50,000 to
55,000 cars. Last year, Musk had forecast sales of 60,000 cars in
2015, but cut that earlier this year to 55,000. He forecast vehicle
sales next year of 83,000 to 93,000.
Tesla's stock fell to $254 in extended trading, after closing up 1.4
percent at $270.13. It has swung widely over the past 12 months,
from a low of $181.40 to a high of $291.42.
The company said it lost $184.2 million in the second quarter,
compared with a loss of $61.9 million in the year-ago period.
Revenue climbed 24 percent to $955.0 million, from $769.3 million,
as car sales continued to rise.
On an adjusted basis, Tesla said it lost 48 cents a share, less than
the 60 cents analysts had expected. In the year-earlier period,
Tesla said, it earned 13 cents a share on an adjusted basis.
With expenses still outstripping revenue, Tesla's cash reserves fell
to $1.15 billion as of June 30, from $1.5 billion on March 31 and
$1.9 billion on Dec. 31, bringing total cash burn in the first half
to $755.0 million.
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Earlier this year, Ahuja said total cash burn for the year should be
less than $1.0 billion.
Capital expenses totaled $405.2 million, as the company continued to
spend to complete tooling on the crossover Model X and equip the new
Nevada battery factory, which is slated to open in 2016. Spending in
the first half totaled $831.2 million. Tesla said it expects
full-year capital expenditures of about $1.5 billion.
Free cash flow fell slightly to $564.7 million. The cash burn in the
second quarter was partially offset by $218.4 million in cash from
financing activities.
(Reporting by Paul Lienert in Detroit; Editing by Richard Chang)
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