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

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

However, the company did still lose money on the whole, working out to an adjusted loss of $3.06 per share, which is a bit worse than Thomson Reuters had estimated.

Wall Street analysts have also questioned whether Tesla would need to raise more cash, but Musk said on the call that he expected the company to be henceforth profitable and cash flow positive, excluding some debt repayment, and had no plans for an equity raise. Tesla reported a record net loss of $718 million, which was larger than what analysts had been forecasting.

The company's net loss more than doubled from the same quarter previous year, and was slightly more than the loss in the first quarter of 2018.

The company's future rests on its ability to mass produce the Model 3 - its most economical vehicle - a task that has seen Tesla fail to meet numerous self-imposed deadlines for the all-important 5,000-cars-per-week metric, reduce the amount of automation it was relying on in its factory, and build an entire assembly line in a tent.

"I was impressed with their negative free cash flow", said David Kudla, CEO of Mainstay Capital Management, which is betting against Tesla.

Tesla ended the second quarter with $2.78 billion in cash after spending $609.8 million in quarterly capital expenses.

Tesla said demand for the Model 3 remained strong. But Musk emphasized the company still has to be cautious.

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The growth came as Tesla delivered more than 40,000 cars in the quarter, including about 18,000 Model 3s.

Musk clarifies that v3 is focused on doing the AI calculations necessary for semi-autonomous driving on a bare metal level, meaning that Tesla has invested heavily in creating a piece of hardware which can effectively and efficiently perform the necessary calculations without the use of software emulation to offload the workload needed by Autopilot.

Tesla said higher Chinese tariffs on US-made cars, imposed as part of a bigger trade dispute, are likely to hurt sales there. It now says production is rising, with the goal of 6,000 per week by the end of August.

Skeptics, including hedge funds that held short positions in the company, doubted whether Musk could reach his targets for profitability and Model 3 production, given his tendency to make overly optimistic projections for the company. Tesla projected total 2018 capital spending at just below $2.5 billion.

Follow Tesla's stock price in real-time here.

Tesla stock surged as much 12 per cent in after-hours trading and were up 9.1 per cent at $US328.15 as of 7:28 pm in NY.

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