Tesla cuts losses on Model 3 sales, Musk promises profits next quarter

Tesla Model 3 configurator

Tesla reported a loss of US$717.5 million, or US$4.22 per share, for the second quarter ended June 30, compared with a loss of US$336.4 million, or US$2.04 per share, a year earlier.

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. "One example is TSLA's reiterating a Model 3 production rate goal of 6,000 units per week by late August, with a more vague time frame to reach production of 10,000 units per week". In the past year, Tesla has come under scrutiny for its factory conditions, vehicle production, treatment of employees, odd cost cutting measures, and CEO Elon Musk's fitful interactions with critics. Analysts polled by FactSet expected a $US2.88 loss per share.

On Wednesday's call, Musk apologized to analysts. Last quarter, the company kept stockholders happy by mitigating losses and promising profitability in the third and fourth quarters. That was more than 11 percent above the closing price for the trading day, but still below the $370 peak that was recorded in June.

Tesla recently opened up reservations for the Model 3, allowing new buyers of the pricier models to jump ahead of those who had ordered base models of the vehicle two years ago.

We're adding a "party & camper mode" soon to S/3/X, so your auto can maintain air flow, temp, selective lights, music & power devices for 48 hours or more while parked. Tesla expects its Model 3 gross margins to "grow significantly" in its third quarter.

Man Hit By Car During ‘In My Feelings’ Challenge
Norwood, who wasn't seriously injured, laughed it off after the impact was caught on camera, showing off his scrapes . According to media reports, UAE has ordered arrest and a fine of U.S. $ 500 for these challengers.

On Twitter, Elon Musk asked for developers to consider joining Tesla to make games optimized for its vehicles.

But on Wednesday, a contrite Mr Musk apologised to both and said he was exhausted from working more than 110 hours per week last quarter.

Musk made waves on the May call by cutting off questions and calling them "boring" and "boneheaded", which was followed by a drop in the automaker's shares the following day. Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion. Elon is still seen as the key to the company's long-term success by many investors and restored faith in the found of Tesla is vital to its performance on Wall Street, something Mr. Musk is probably all too aware of.

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

Related News:

  • Official says agency warned family separation bad for kids

    Official says agency warned family separation bad for kids

    And that will likely mean far less funding for Trump's proposed border wall than he initially sought, analysts said. The Senate Appropriations Committee, she said, was making progress and working "closely" with the administration.
    Colombia drug gang reportedly puts $70G hit on dog's head

    Colombia drug gang reportedly puts $70G hit on dog's head

    Officers also credit her incredible nose with more than 245 drug-related arrests at two of Colombia's biggest worldwide airports. A few months ago, the tenacious hound sniffed out 77 kilos of cocaine placed deep inside an industrial machine.
    Tour de France 2018: Geraint Thomas wins to make sporting history

    Tour de France 2018: Geraint Thomas wins to make sporting history

    He's been a massive part of my Tour victories. "When he was with me full-time, we lived in Manchester or in Italy". There was a late scare for Thomas in the time trial, when he appeared to lose control of his bike.
  • QAnon Conspiracy Theorists Make Very Noticeable Appearance at Trump’s Florida Rally

    DeSantis quips, as the camera pans to a child of tender age in a crib, wearing a Make America Great Again onesie. The station says the rally was meant to back two Florida Republicans before primary elections.
    Giuliani: 'Somebody played around' with Trump tape

    Giuliani: 'Somebody played around' with Trump tape

    Trump Jr. had previously confirmed the meeting by tweeting out an email exchange between himself and publicist Rob Goldstone . His attorney Lanny Davis declined to comment on the report , as did spokeswomen for Mueller and the US attorney in Manhattan.
    NY  state revokes approval of Charter-Time Warner Cable deal

    NY state revokes approval of Charter-Time Warner Cable deal

    The company must provide uninterrupted service while the state transitions to a new service provider, the commission said. NY accepted the deal at the time on the contingency that the company meet several performance goals in the future.
  • Mars closest to earth in 15 years today

    Mars closest to earth in 15 years today

    This is an artist's model of an early Mars - billions of years ago - which may have had oceans and a thicker atmosphere. Since the orbits of the two planets are of different lengths, they come close to each other once every two years.
    Apple's pricey iPhone X, subscriptions deliver earnings beat

    Apple's pricey iPhone X, subscriptions deliver earnings beat

    All those iPhone sales help Apple in another way - services like Apple Music , the App Store and elsewhere are booming. Revenue rose 17 per cent to Dollars 53.27 billion, also exceeding Street forecasts for USD 52.37 billion.
    White House bars CNN correspondent from open press event

    White House bars CNN correspondent from open press event

    Much of what we know about Russia's interference in the 2016 elections, including the level of Putin's involvement, comes from human sources.
  • Zimbabwe opposition leader claims he is on course for election win

    Zimbabwe opposition leader claims he is on course for election win

    Chamisa on Monday said there was an attempt to "suppress and frustrate" the vote in urban areas where he has strong support. With 5.6 million registered voters, the results of the presidential, parliamentary and local elections are due by August 4.
    4 magnitude natural disaster  in Indonesia kills at least 10

    4 magnitude natural disaster in Indonesia kills at least 10

    Speaking to CNN , the owner of a hotel in West Lombok said Sunday's quake was the strongest he had experienced on the island. More than 160 residents in Lombok were injured, with thousands more displaced after their homes were damaged by the quake.
    Rudy Giuliani: 'Collusion Is Not A Crime'

    Rudy Giuliani: 'Collusion Is Not A Crime'

    Rivera said Cohen was somewhat of a "consigliere" to Trump , in that he was the "one key person we tell all of our life story to". Cohen is facing a federal criminal investigation as well as legal scrutiny for NY taxicab companies he owns.


Most liked

Federal judge blocks release of 3-D printable gun designs
The printers needed to make the guns can cost from $5,000 to $600,000, according to Vice News. Trump said, without specifying which part of the argument he was referring to.

Photos show NK building new ICBM near Pyongyang
Government officials believe North Korea is continuing to manufacture missiles in a facility near its capital of Pyongyang. The factory is known to have produced the Hwasong-15, the first North Korean ICBM capable of reaching the US.

ICE, Border Patrol testify at Senate hearing on family separations
McConnell, asked about a shutdown during a Kentucky radio interview, said it was not going to happen. Trump has reignited his fight with Congress over funding for a Southern border wall with Mexico.

Jose Mourinho's frustrations with missing Manchester United players at ICC understandable - Stillitano
What I don't agree with is that the Premier League starts now. "When they have the feeling they can win the World Cup, they close each other".

After Waffling On Kavanaugh, Rand Paul Predictably Says He'll Support Nominee
Paul was one of three Republicans whom Democratic leaders hoped to sway to vote against confirmation, along with Sen. Dick Durbin, D-Ill., and Patrick Leahy, D-Vt., alleged at the time that Kavanaugh may have misled Congress.

Demi Lovato remains in hospital due to complications from drug overdose
Demi Lovato's Thursday concert in Atlantic City may have been canceled, but the singer and her music were still celebrated. One source said, " She is under the care of medical experts and is expected to make a full recovery ".

Prosecutors advise witnesses in Manafort trial: Avoid the T-word
Manafort had been under federal investigation since 2014 over suspicion of illegal lobbying and financial improprieties. The filing comes a day before Manafort's trial on bank and tax fraud charges is set to begin.

Fulham complete £20m signing of Aleksandar Mitrovic from Newcastle
The move comes mere hours after Newcastle announced the signing of Swiss worldwide , Fabian Schär, from Deportivo La Coruña. West Brom defender Ahmed Hegazi has emerged as a target for Newcastle United , according to Bleacher Report's Dean Jones.

India sparks fear by excluding 4 million from Assam citizens' list
Scores of people were chased down and killed by machete-armed mobs intent on hounding out Muslim immigrants in 1983. The student body had set up an NRC Control Room also during the publication of first draft to help the citizens.

Kevin Durant and C.J. McCollum Take Their Feud to Twitter
Durant: "Why are you mad about this stuff?" "It was expected", Durant told ESPN . McCollum: "We were right there we were just slightly below one and two".

3 confirmed dead in California wildfire
A firefighter knocks down a hot spot while working to stop the spread of the Carr Fire, west of Redding, Calif ., July 27, 2018 . More than 5,012 structures were threatened by the fire, officials said. "I just keep seeing all of their lovely faces".

Everton to reject all offers for Jordan Pickford amid Chelsea interest
Now Madrid want to include Willian in their swoop for Courtois with the Brazilian making up around £65m of the combined fee.

Manchester United boss Jose Mourinho criticises Anthony Martial, Antonio Valencia
Those were important moments in his career and now we have him and he can play together with a few really nice football players". He doesn't hold much hope that he will get what he wants. "Maybe it is a step for me to know the players more than anything.

Samsung Galaxy Note 9 Shown From All Angles In Case Renders
We're definitely eager to see what Samsung will have in store for us on August 9, and HotHardware will be live to cover the event. Why? Because making the first foldable phone makes you king of that concept - just look at the iPad and the Galaxy Note.

Alexandria Ocasio-Cortez boosted by out-of-state donors after primary win
Pramila Jayapal, though she did not connect with any of the House Democratic caucus's leadership. In a speech over the weekend, DeSantis attacked Ocasio-Cortez - who is 28 - as a "girl".