Tesla loses $717.5mn in Q2, breaking own record from previous quarter
02 August, 2018, 16:31 | Author: Natasha Holloway
Tesla stock soared in after-hours trading, climbing briefly to a full 11 percent gain before relaxing to a bit over 9 percent, at $329, up from $300.84 at the close of regular trading hours. Tesla is going to be an wonderful company over the next five years. While investors will be watching production numbers and cash burn, CEO Elon Musk is watching short-sellers. SolarCity, meanwhile, is being sued by former employees, according to Ars Technica.
The rocky results Wednesday will likely encourage Tesla skeptics who have criticized the company as underdelivering on its promise of reshaping the auto industry.
FBN's Kristina Partsinevelos reports on Tesla's second-quarter earnings.
The company claims it plans to produce 50,000 to 55,000 Model 3 sedans in the third quarter, an increase of 75 percent from the first quarter. The company said it had repeatedly hit weekly production of about 5,000 Model 3s multiple times during July. "Our goal is to be cash flow positive for every quarter going forward", he said. It now says production is rising, with the goal of 6000 per week by the end of August.
"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy.
But chief executive Elon Musk pledged to post net profits in future quarters, and on a conference call, he apologised to two analysts he cut off on the company's first-quarter call. These are not issues that can be solved with flame-throwers, surfboards, and hats.
The company has struggled to deliver the Model 3, which critics have celebrated as a "modern marvel", at a price cheap enough to win over new buyers who have been priced out of Tesla's luxury line. Tesla recently completed some major cost restructuring and this past June the automaker announced layoffs totaling more than 3,000 jobs.
In its earnings statement, Tesla noted that customer deposits were down from Q1 to $942 million.
Einhorn is swapping his TeslaModel S for a Jaguar I-PACE SUV, he told investors Tuesday. Meanwhile, the Nissan Leaf and Chevrolet Bolt are ramping up both production and sales. Bannon said his team at Tesla is leading the development of the third development of the Autopilot hardware. Tesla said in its shareholder letter that the Model 3's gross margin "turned slightly positive" in Q2, and the boost in production could move that figure up to 15 percent by quarter's end.
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