That loss is close to double the $336.4 million ($454.4 million) it lost during the first quarter of 2018, although total revenue rose from US$2.79 to US$4.0 billion. Adjusted for stock-based compensation, the company lost $US3.06 per share.
Tesla reported larger than expected losses for the second quarter of 2018 on Wednesday, but it exceeded analyst expectations with $4bn in revenue.
Tesla's second-quarter losses of $743 million were lower than analysts' estimates, of about $900 million. Tesla says it built 53,339 cars in the second quarter, of which 18,449 were Model 3s.
"In July 2018, Model 3 not only had the #1 market-share position in its segment in the USA, it outsold all other mid-sized premium sedans combined, accounting for 52% of the segment overall", Tesla's earnings press release stated. In the a year ago, Tesla has come under scrutiny for its factory conditions, auto production, treatment of employees, odd cost cutting measures, and CEO Elon Musk's fitful interactions with critics. The company said it expects to produce 50,000 to 55,000 Model 3 vehicles in the third quarter - that would represent a sharp increase from the previous quarter.
Musk tweeted in April that the company's profitability would mean it would have "no need to raise money", but the company now has billions of dollars in debt, including more than $1 billion that will need to be paid or refinanced within the next year.
For nearly a year, Tesla followers fixated on the company's target to make 5,000 Model 3s in a week.
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During today's call, Musk apologized to both analysts.
The company last quarter cut its spending forecasts and Tesla has begun to lay off 9 per cent of its workforce.
Mr Musk, who has an estimated fortune of $20 billion, according to Forbes magazine, has bet the future of the company on the Model 3, which costs $35,000. Other games could certainly be possible (we'd love to see Night Driver), and with Musk's shout-out to Atari in the tweet it would seem the long-time computer company is on-board with the fun.
Tesla's stock was up more than 10% at one point in after-hours trading.
After quietly upgrading its semi-autonomous driving suite, Autopilot, almost a year ago, Tesla has been working hard on its next-generation hardware.
Peter Bannon, a former semiconductor architecture engineer at Apple turned leader in Tesla's Autopilot department, spoke during Tesla's quarterly earning call about the new hardware in the company's portfolio, Autopilot v3.
Tesla said higher Chinese tariffs on US-made cars, imposed as part of a bigger trade dispute, are likely to hurt sales there.