Tesla steadies output of new Model 3 sedan, sees a profit
Tesla steadies output of new Model 3 sedan, sees a profit
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02 August, 2018, 16:33
Tesla has released its second-quarter earnings for 2018, revealing a US$717.5 million ($969 million) loss, but there's a bit to suggest things are looking up in Silicon Valley. Telsa's shares jumped 9.3 percent to $328.85 in after-hours trading.
The electric auto maker said it will continue to ramp up production of the Model 3, forecasting a weekly rate of 6,000 vehicles by late August. CEO Musk is under particular scrutiny after his comments during a May earnings call in which he rebuked analysts for asking "boring, bonehead" questions.
Tesla claimed automotive revenue of approximately $3.4 billion in Q2 2018, and when its energy offerings were lumped in, that figure was closer to $4 billion - beating Thomson Reuters' forecast and setting another company record.
As Tesla looks to real profitability in the coming quarters and years, controlling costs is extremely crucial in the automotive business.
The company's revenue grew for the sixth straight quarter, mainly thanks to sales of the Model 3. The compay reported an adjusted net loss of $3.06 per share, more than analysts expected.
Tesla says it lost almost $743 million between April and June this year, compared with about $785 million last quarter.
The company ended the quarter down $300 million in cash to a total of $2.2 billion.
Excluding items, Tesla reported a loss of US$3.06 per share. Still, the company promises to produce 6,000 cars per week this month and expects to product 50,000-55,000 Model 3s in Q3.
"We aim to increase production to 10,000 Model 3s per week as fast as we can".
The company ended the quarter with $2.8 billion in cash, compared with $3.5 billion in the prior quarter.
The company said it has cut back on capital spending by changing its strategy to produce the Model 3 on existing assembly lines, one in a giant tent, rather than adding all-new lines.
Tesla'swebsite describes upcoming features - including the ability for a vehicle to change lanes without driver input, move from one freeway to another, and exit a freeway near the driver's destination - that are not available in Autopilot's current iteration. Analysts were projecting Tesla would go through about US$900 million during the period, after burning more than US$1 billion in three of the previous four quarters.
Musk also stated that Tesla was hiring video game developers to build games which integrate with the Tesla's touchscreen, the driver's smartphone, and the vehicle itself.
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