Sunday, 19 August, 2018


Tesla is introducing classic Atari games as Easter Eggs with V9.0 Software

Tesla plans to profitably build up to 55,000 Model S cars in third quarter Tesla expects to hit 6,000/week Model 3 production rate - Autoblog
Conrad Doyle | 02 August, 2018, 11:19

Despite Tesla reporting a record loss that doubled to $718 million (546.88 million pounds) in the second quarter, shares jumped as much as 11 percent in after-hours trading, as investors focused on steadier production volumes and a slower rate of cash burn.

Tesla says it lost almost $743 million between April and June this year, compared with about $785 million last quarter. Adjusted for stock-based compensation, the company lost $US3.06 per share. Capital expenditure is expected to fall $900m to about $2.5bn this year and Tesla had $2.2bn in cash and equivalents.

Excluding items, Tesla reported a loss of $3.06 per share.

The company said it produced 53,339 vehicles in the second quarter and delivered 18,449 Model 3s. Cash from Model 3 sales is key to holding off more borrowing.

While its reassuring to see Model 3 production remain steady, you might remember that Tesla a few weeks ago said that it could get production up to 6,000 units per week by July, a target date that has since been pushed back to August.

"A total vehicle output of 7,000 vehicles per week, or 350,000 per year, should enable Tesla to become sustainably profitable for the first time in our history", Tesla said, "and we expect to grow our production rate further in Q3".

For nearly a year, Tesla followers fixated on the company's target to make 5,000 Model 3s in a week.

Bloomberg News reported earlier Wednesday that the company would look to China to at least partially fund the US$5 billion cost, citing a person familiar with the plans, who asked not to be identified as the matter is private. He also said that production efficiencies should rise as more Model 3s are built, and he said that he expects to make to around 750,000 vehicles in calendar year 2020.

Tesla ended the second quarter with $2.78 billion in cash after spending $610 million in quarterly capital expenses.

Musk's behavior has come under scrutiny, in part after he dismissed financial analysts on the previous quarter's conference call as boring, sparking a sell-off, and lashed out on Twitter at critics.

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

Tesla has begun to lay off 9 percent of its workforce as it tightens spending. Tesla has never posted an annual profit and has only had two profitable quarters since going public in 2010.

Tesla also faces broader challenges that could make its cars more hard to sell.

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