NEW YORK (TheStreet) -- Tesla Motors (TSLA) - Get Report reported a larger-than-expected loss for the 2016 second quarter after Wednesday's closing bell.

The Palo Alto, CA-based electric car maker reported an adjusted loss of $1.06 per share, wider than the loss of 52 cents per share that analysts had projected.

Revenue was $1.56 billion, while analysts were expecting $1.62 billion.

"We delivered fewer cars in Q2 than originally planned as a result of our steep production ramp, which resulted in almost half of Q2 production occurring in the final four weeks of the quarter," the company said in a statement. 

Tesla said it is on track to deliver 50,000 vehicles in the second half of the year.

The company plans to exit the third quarter with a steady production rate of 2,200 vehicles per week and plans to increase production to 2,400 vehicles per week by the fourth quarter.

Shares of Tesla moved between gains and losses in after-hours trading on Wednesday.

Separately, TheStreet Ratings Team has a "Sell" rating with a score of D+ on the stock.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: TSLA

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