Tesla Reports Record $717.5 Million Net Loss in Second Quarter

Tesla is now the king of the mid-range cars

Bannon said that when he joined Tesla, employees considered many options, including Nvidia graphics cards, and said they talked with people at Arm, whose technology is used in chips from Qualcomm (QCOM) and other companies. Analysts have questioned whether the 5,000 rate would be sustainable. This high-grading of the backlog combined with the reduction in the government subsidy by early next year, new product delays and the emergence of viable competition for the Models S and X means that 2019 should be a very challenging year for TSLA.

The Fremont factory is expected to build approximately 50,000-55,000 Model 3s in Q3. In the past year, Tesla has come under scrutiny for its factory conditions, auto production, treatment of employees, odd cost cutting measures, and CEO Elon Musk's fitful interactions with critics.

We reported on what was perhaps the most weird twist in all the saga, the overnight installation of a massive production tent located on the factory's parking lot overnight installation of a massive production tent located on the factory's parking.

Investors have been eager to see Tesla's latest financial results, with the automaker under growing pressure to meet production and profitability targets.

And, Q2 figures were still an improvement from the $1.05 billion loss in Q1.

Musk then put his signature optimism on display, saying it was Tesla's goal "to be profitable and cash-flow positive in every quarter going forward".

The company last quarter cut its spending forecasts and Tesla has begun to lay off 9 per cent of its workforce. Tesla projected total 2018 capital spending at just below $2.5 billion. Tesla still hasn't made any $35,000 base model cars available. The stock was down 3.4 per cent through Wednesday's session.

Tesla has burnt through less cash than in previous quarters. His first question came from Bernstein's A.M. (Toni) Sacconaghi, an analyst he butted heads with during the first-quarter conference call. But its cash burn rate was less than investors expected, and the company had $2.2 billion in cash at the end of the quarter.

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

Musk attributed his intemperate remarks this spring to the long work weeks at Tesla and a lack of sleep, while adding that "there's still no excuse for it".

Excluding items, Tesla reported a loss of $2.45 per share, compared with expectations of a loss of $2.92.

Tesla shares were up over 8 percent at $325.30 in after-market trading on Wednesday.

Tesla stock climbed as much as 5.7 per cent to US$317.95 as of 5 p.m.in NY.

Related news:

Hot News

isis-killer-beheading-video-story-top Mars Earth Approach - Closest to Planet Since 2013
Aug 02, 2018 - 15:44
Now that we've gotten all of that out of the way, what does this mean for you, the novice astronomer or general sky-watcher? The reason for this unique sight is that our neighboring planet is making its closest approach to Earth in 15 years.

isis-killer-beheading-video-story-top No definite time yet for presidential results
Aug 02, 2018 - 15:37
Through his official Twitter account Mnangagwa said calm should return to the streets through progressive dialogue. Partial results from the presidential race were expected Wednesday but in the end there was no announcement.

isis-killer-beheading-video-story-top Demi Lovato remains hospitalized with 'complications' six days after reported overdose
Aug 02, 2018 - 14:47
Another source tells ET that, as of Monday morning, "Demi is still in hospital and working on getting better and recovering". So we said, 'OK, let's do more Demi.' And she was game. "Please continue to send her love during recovery".

isis-killer-beheading-video-story-top Australia, US and Japan sign regional pact
Aug 02, 2018 - 13:49
In a major speech overnight, US Secretary of State, Mike Pompeo , announced a $113 million package of new economic initiatives. Still, he frequently sought to frame USA companies as the better partners for countries seeking foreign investment.

isis-killer-beheading-video-story-top Manchester United end US tour with Real Madrid win
Aug 01, 2018 - 23:48
They open the 2018/19 Premier League season with a home clash against Leicester City on August 10. What I don't agree with is that the Premier League starts now.

isis-killer-beheading-video-story-top Donald Trump: 'Collusion is not a crime'
Aug 01, 2018 - 22:45
On The Tonight Show , Jimmy Fallon tackled the collusion question in character as Trump , anchoring the Trump News Network. Giuliani added that the Russian Federation probe "has been continued as an illegitimate investigation".

Prosecutors Tell Jury Ex-Trump Campaign Chief Manafort Hid Wealth
Aug 01, 2018 - 21:05
A total of 16 jurors, 12 regular and four alternates, will be chosen after being screened for potential bias. Manafort has used similar arguments to challenge his indictments in Virginia and Washington .

isis-killer-beheading-video-story-top Harley-Davidson announces Royal Enfield rival
Jul 31, 2018 - 17:49
Harley-Davidson also said it is developing "more accessible" offerings in the 250cc to 500cc range for the Asian market. Livewire will be supplemented by small and lighter electric motorcycles in the years leading up to 2022.

isis-killer-beheading-video-story-top USA economy posts best performance since late 2014
Jul 31, 2018 - 17:49
He pointed to new tax cuts, de-regulation, increased government spending and the continuing trade negotiations. And he insisted the economic numbers are "very sustainable" and not "a one-time shot".

isis-killer-beheading-video-story-top Suspects Steal Shark From Aquarium By Disguising It As Baby
Jul 31, 2018 - 17:29
Helen is reportedly doing just fine but the men involved will face at least theft counts and possibly federal charges as well. They then ducked into a filter room and emptied out a bleach bucket, into which they deposited the shark, the aquarium said.

isis-killer-beheading-video-story-top USA states make last-minute legal bid to halt 3-D online guns
Jul 31, 2018 - 16:31
That same day Wilson and the Second Amendment Foundation filed a preemptive suit against New Jersey Attorney General Gurbir S. The State Department reversed course in late June, agreeing to allow Wilson to resume posting the blueprints.

isis-killer-beheading-video-story-top Yankees Land JA Happ, Likely Not Finished on Trade Market
Jul 31, 2018 - 04:47
Happ signed a three-year contract with the Blue Jays on November 30, 2015, and will be a free agent at the end of the 2018 season. He dealt with a freak injury earlier in the season and lost his third base job to rookie Miguel Andujar , who has been fantastic.

isis-killer-beheading-video-story-top MH370 investigators 'unable to confirm' cause of disappearance
Jul 30, 2018 - 18:25
Mr Loke vowed earlier this month that "every word recorded by the investigation team will be tabled in this report". Malaysia's government has said it is open to resume searching if credible evidence of the plane's location emerges.

isis-killer-beheading-video-story-top Rudy Giuliani: 'Collusion Is Not A Crime'
Jul 30, 2018 - 18:15
Trump Jr. was later one of several top campaign officials, including Jared Kushner and Paul Manafort , who attended the meeting. Mr Trump Jr responded "I love it" when first offered the political "dirt" on Mrs Clinton, the Democratic presidential nominee.

isis-killer-beheading-video-story-top Fortnite Getting Slurp Juice Changes and Another New SMG
Jul 30, 2018 - 18:14
To celebrate Fortnite's first year, you can earn XP if you dance in front of different Birthday Cakes . Despite its popularity, Playground mode disappeared after one week like other limited-time game modes.