Amid increased production costs and a ramp-up in R&D spending, Tesla, Inc. posted another loss in its second quarter this year compared to the same quarter last year.
The automobile maker lost $401 million in the quarter ending June 30, compared with a loss of $293 million the year before.
Although revenue more than doubled to $2.79 billion from $1.27 billion last year, those gains were outpaced by high costs associated with automobile production, energy storage and research and development.
General Motors Co.'s second-quarter profit plunged by 42% compared to the same quarter last year due to flat sales, increased costs and losses in its European division, which will be sold to French car maker Peugeot by the end of the year.
Earnings for the quarter ending June 30 dropped from $2.85 billion, or $1.74 per diluted share, in the previous year to $1.66 billion, or $1.62 per share. Its European division, which consists of Opel/Fauxhall and the Fincos, lost $770 million.
General Motors' North American arm was responsible for the majority of the company's $3.7 billion in revenue. Along with selling Opel/Fauxhall and the Fincos, the company said it plans to phase out sales of Chevrolet in Indian and South African markets by the end of 2017.
FORD MOTOR COMPANY
Ford Motor Company's second-quarter profit rose by 4% from the year earlier as the car maker benefited from a favorable tax rate, higher transaction prices on its F-series and strong sales of its Lincoln car in China.
The company's net income of $2.04 billion, or $0.51 per diluted share, rose from $1.97 billion, or $0.49 per share, last year.
Ford said higher commodity costs and increased engineering expenses would likely lead to a loss in North America, South America and Europe for 2017.