Tesla burns cash, loses more than $4,000 on every car sold

Silicon Valley electric automaker Tesla Motors (Nasdaq: TSLA) is losing more than $4,000 for every Model S sedan it sells based on operating losses of $46 million in the second quarter.

The company announced plans to build between 50,000 and 55,000 cars earlier this year, with 11,532 delivered in the second quarter. Tesla also burned $359 million in cash in that time frame, with $1.15 billion on hand as of June 30 – down from $2.67 billion a year earlier.

Tesla plans to spend $1.15 billion in capital expenditures this year, primarily to launch its battery-powered SUV offering Model X. Capital spending for the first half of the year totaled $831 million.

Last week, Tesla said it would scale back 2016 production targets, initiating a downward slide in per-share prices. As of the market's open Monday, shares of company stock were trading at $238.11, down nearly 12 percent from $270.11 at the close of trading Wednesday.

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