For Q2 2019, Tesla hit record deliveries of 95,356 vehicles and record production of 87,048 vehicles, surpassing its previous quarterly records of ~91,000 deliveries and ~86,600 units produced in Q4 of 2018. The company also posted a GAAP operating loss of $167 million, and a GAAP net loss of $408 million.

Tesla ended the quarter with $5.0 billion of cash and cash equivalents, bolstered by the $614 million of free cash flow in generated in Q2 plus the funds from its public offering of equity and convertible bonds. Tesla said that this level of liquidity puts it in a comfortable position as it prepares to launch Model 3 production in China and Model Y production in the US.

In Q2, Model 3 deliveries reached an all-time record of 77,634. During the quarter, a majority of orders continued to be for a long-range battery option and the Model 3 average selling price (ASP) was stable at approximately $50,000.

Tesla has demonstrated capability of a 7,000 Model 3 vehicles per week run rate; it aims to produce 10,000 total vehicles of all models per week by the end of 2019.

Tesla produced more than 14,500 Model S and Model X vehicles in Q2; deliveries increased to 17,722.

The company is maintaining its production guidance of 360,000 to 400,000 vehicles this year.

Tesla stock dropped 11% to $236/share after the announcement.