New details about Tesla Inc’s proposed deal with the Tata Motors group, which has a global presence in auto finance and insurance, have been revealed by the US automaker’s financial results for the second quarter of 2018.
The company reported a net loss of $2.8 billion for the quarter, down from $3.6 billion a year earlier.
The net loss was due to higher uncollected revenue and lower car loan volume due to lower auto loan volume.
Tesla is one of the largest players in the auto finance industry, with an estimated 4.5 million customers.
The automaker reported a loss of roughly $2 billion for its first three months of 2018, but the losses slowed in the third quarter and the fourth quarter.
Tesla’s net loss for the fourth quarters was $2 million, compared to $3 million a year ago.
The group has a presence in finance, insurance and auto finance across the world, including in the United States.
The group owns or manages more than $40 billion in assets and has more than 200 employees.
The company’s global reach is extensive and includes auto finance, investment banking, consumer finance and asset management.
The deal is expected to create hundreds of jobs and increase Tesla’s revenue by $30 billion, according to analysts.