Elon Musk's apology to analysts he scorned sends Tesla stock soaring

Elon Musk's apology to analysts he scorned sends Tesla stock soaring

Elon Musk's apology to analysts he scorned sends Tesla stock soaring

Electric vehicle maker Tesla has racked up a record $717.5 million net loss in the second quarter of 2018, twice the previous year's number. Adjusted for stock-based compensation, the company lost $3.06 per share.

The report notes the company expects that revenue to boost its available cash through the end of the year. Analysts polled by FactSet expected a $2.88 loss per share.

Model 3 aside, Tesla says demand for both the Model S and Model X continues to be high - its second quarter saw the company's highest number of orders for both.

Tesla said it would build up to 55,000 Model 3s in the current quarter at a positive gross margin, buoying hopes that the electric vehicle maker led by Elon Musk will meet its goal of profitability and positive cash flow in 2018, as it strives to recover from manufacturing challenges. Despite this, the company has reiterated CEO Elon Musks promise to post a profit in the third and fourth quarters. Tesla estimates that it will produce between 50,000 and 55,000 Model 3s in the third quarter, almost double what it built this past quarter.

Musk tweeted in April that the company's profitability would mean it would have "no need to raise money", but the company now has billions of dollars in debt, including more than $1 billion that will need to be paid or refinanced within the next year.

The business world is looking so closely at Tesla's cash levels because Tesla worked mightily to reach its long-sought milestone of making 5,000 Model 3s in a week. In Q2, the company delivered 18,449 Model 3 vehicles, up from 8,182 last quarter.

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"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy. And yet Tesla's stock is up 5% in after-hours trades.

The company's cash reserves have dropped to $2.2 billion, down from $3.3 billion at the end of past year. The company said it had repeatedly hit weekly production of about 5,000 Model 3s multiple times during July.

"I'd like to apologize for being impolite on the prior call".

Tesla also said it was working on a new version of its Autopilot semi-autonomous software that would have greater safety features.

Tesla management has previously predicted that it would turn a profit sometime in the third quarter. Additionally, it seems Tesla is keen to get unique game content into its cars, as Musk also tweeted job opportunities for game developers.

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