Tesla posts 13th straight quarterly loss

(Reuters) - Tesla Motors Inc reported its 13th straight quarterly loss as a rise in sales of its Model S and Model X electric cars failed to make up for the huge cost of ramping up production.

Tesla, run by Silicon Valley entrepreneur Elon Musk, said its net loss widened to $293.2 million, or $2.09 per share, in the second quarter, from $184.2 million, or $1.45 per share, a year earlier.

Total revenue rose 33 percent to $1.27 billion in the quarter ended June 30.

The company, which has offered to buy solar panel installer SolarCity Corp for $2.6 billion, said it was on track to deliver about 50,000 new Model S and Model X vehicles during the second half of 2016.

 

Tesla reported last month that it had missed its delivery target for the second consecutive quarter, raising doubts that it would hit its annual target.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)