New York (CNN Business)Even after delivering a record number of cars in its second quarter, Tesla (TSLA) is still bleeding money. Tesla said Wednesday that it lost $408 million during the three months ending in June, far worse than Wall Street had expected. Shares of Tesla fell more than 10% in after hours trading following the earnings report.
The loss was slightly less painful than the previous quarter, in which Tesla lost $702 million. The company attributed its performance to record vehicle delivery numbers of more than 95,000 cars. That was up nearly 5% from the previous record in the fourth quarter of 2018.
CEO Elon Musk announced on a call with analysts Wednesday afternoon that J.B. Straubel, a founding member of the company, is stepping down from his role as chief technology officer and will become a senior adviser. Current vice president of technology Drew Baglino will take on most of Straubel’s responsibilities.
