Tesla shares plunge as it reports big Q2 loss

Tesla shares have plunged as the electric carmaker reported a bigger-than-expected loss despite notching record car deliveries.

Tesla reported a second-quarter loss of USD 408 million, or USD 1.12 per share on Wednesday, compared to the loss of 40 cents forecast by analysts.

Shares tumbled 10 per cent to USD 238.39 in after-hours trading.

Overall revenues jumped 66 per cent from a year earlier to USD 5.2 billion as Tesla reported sharply higher deliveries of its Model 3, the most affordable vehicle in its lineup and the hope for giving the company a wider customer base.

"We achieved record deliveries of 95,356 vehicles and record production of 87,048 vehicles, surpassing our previous quarterly records," Tesla said in a letter to investors.

"This is an important milestone as it represents rapid progress in managing global logistics and delivery operations at higher volumes." Tesla said Model 3 deliveries reached an all-time record of 77,634, making it "the best-selling premium vehicle in the US, outselling all of its gas-powered equivalents combined."