Tesla Reports Record $717.5 Million Net Loss in Second Quarter
Tesla Reports Record $717.5 Million Net Loss in Second Quarter
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02 August, 2018, 11:17
Electric auto maker Tesla has racked up a record $717.5 million net loss in the second quarter of 2018, twice the previous year's number.
The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter past year. The company has had to ramp up production of its lower-cost Model 3 auto, even constructing a tent in the parking lot to hit its target of manufacturing 5,000 of the vehicles per week by the end of the quarter.
In its letter to shareholders, the company said it now expected to produce 6,000 Model 3 cars per week by late August, and 10,000 Model 3s per week "sometime next year".
But analysts have said in recent weeks they thought demand for the Model 3 might be waning because of long wait times. In a letter to investors, Tesla called this a "significant achievement", something it expects to jump by around 15-percent in its third quarter and 20-percent in its fourth quarter.
During a conference call with analysts, Musk said late Wednesday he expects Tesla to report profits in all future quarters as long as the USA economy remains strong. The call triggered a stock sell-off and raised questions about Musk's behavior.
During the second quarter, Tesla laid off 9 percent of its workforce as it worked toward Musk's promise of making money. Shares were up 11% in extended trading Wednesday. The stock was down 3.4 per cent through Wednesday's session.
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The growth came as Tesla delivered more than 40,000 cars in the quarter, including about 18,000 Model 3s.
"Very importantly, the Tesla self-driving chip technology that we've been working on for three years is finally coming to fruition", Musk said on Tesla's second-quarter earnings call . Tesla has also asked parts suppliers for refunds.
We're adding a "party & camper mode" soon to S/3/X, so your vehicle can maintain air flow, temp, selective lights, music & power devices for 48 hours or more while parked. The company has consistently denied it will need to raise cash but several Wall Street analysts expect a move by the end of the year.
Beyond operating costs, Tesla has paired down an initial $3.4 billion capital expenditure estimate for the year to a slimmer $2.7 billion.
During last month's quarterly conference call, Musk dismissed analysts that questioned the production of Model 3 cars.
After quietly upgrading its semi-autonomous driving suite, Autopilot, almost a year ago, Tesla has been working hard on its next-generation hardware.
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