Tuesday, 21 August, 2018

Tesla claims record revenue of $4B in Q2 2018

Tesla Model 3 Configurator Tesla plans to profitably build up to 55,000 Model S cars in third quarter
Scott Davis | 02 August, 2018, 16:32

"No production target is more important than sustained quality, which is why every vehicle we produce goes through a thorough set of measurements and tests before it reaches the customer", it said.

"We aim to increase production to 10,000 Model 3s per week as fast as we can", Musk wrote in the Wednesday letter, though he offered no estimated timeline. We believe its because the company has scaled down its level of ambitions for expensive and exotic automation production-aids.

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.

Tesla's second-quarter financials are out, and things are looking OK, but next quarter is when things will get truly interesting. "We expect to generate positive cash including operating cash flows and capital expenditures", Tesla said in a statement.

David Einhorn's $5.5 billion Greenlight Capital hedge fund lost 18.3% in the first half of 2018 while the benchmark S&P 500 was positive.

Palo Alto, California-based Tesla recorded a loss of $717.5 million in the latest quarter, more than doubling a year-ago loss of $336 million. The Model 3 was originally hailed as affordable at $35,000, but Tesla is only selling higher-end versions of the vehicle at the moment. That angered some deposit-holders, and analysts questioned whether more would drop out because of delays making the cheaper $35,000 version. As of April, some 23% of reservation deposits for the Model 3 were refunded, according to Second Measure.




Had it delivered the auto in June, the subsidy would have lapsed a quarter earlier, a strategic move applauded by Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management, which holds Tesla shares.

During May's conference call with analysts, Musk's behavior was weird. In the course of the past quarter, Tesla set up a fourth auto production line in a tent-style structure at its vehicle factory in Fremont, Calif., and CNBC reported that Tesla workers were brought in from out of state for a quarter-ending push to build batteries and cars.

During today's call, Musk apologized to both analysts.

On Wednesday, Musk took responsibility for his behavior.

As it ramps up production of the Tesla Model 3, Tesla announced Wednesday that it reduced its financial losses in the second quarter-barely.

Total revenue rose to US$4 billion from US$2.79 billion.

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