Tesla, the manufacturer of luxury electric cars, lost USD 1.11 billion in the first six months of this year, 22% lower than in the same period of the previous year.

Losses occurred despite the fact that Elon Musk’s company earnings grew in the first half to USD 10.891 billion, up 47% from January-June 2018.

But second-quarter earnings of USD 6.349 billion were below market expectations, which is why Tesla shares declined by about 10 percent in operations following the closing of the New York Stock Exchange after the results were announced, according to Agerpres.

Tesla explained that vehicle sales revenue was of USD 5.168 billion in the second quarter and of USD 8.676 billion in the first six months.

The company also increased its cash and cash equivalent to USD 4.954 billion in the second quarter (plus 34%).