Tesla stock surges as Musk looks to make good with analysts

Tesla stock surges as Musk looks to make good with analysts

Electric auto manufacturer Tesla posted its biggest loss in company history in the second quarter, booking a net loss of $717.5 million, according to multiple media reports.

Tesla reported sales of $4 billion, topping analyst estimates, and an adjusted loss of $3.06 a share, which missed them.

Tesla spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June. In shorter-term milestones, Tesla hopes to hit 6,000 Model 3s per week by the end of August, increasing to 10,000 per week by the end of the year. "That said, significant progress has been made in the last few months, and GA3 is now expected to reach a production rate of 5,000 per week very soon".

Elon Musk didn't help things last May during the first quarter earnings call when he called one analyst "boneheaded" and "boring" for asking hard questions about the finances of Tesla.

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

During the second quarter, Tesla laid off 9 per cent of its workforce as it worked toward Mr Musk's promise of making money.

Tesla stock soared in after-hours trading, climbing briefly to a full 11 percent gain before relaxing to a bit over 9 percent, at $329, up from $300.84 at the close of regular trading hours.

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.

Hamilton wins in Hungary to build overall lead
Two weeks ago, he and his Mercedes team were trailing Vettel and Ferrari in the drivers' and constructors' championships.

Furthermore, the Model 3 is behind schedule, and investors are concerned consumer infatuation won't hold.

The company ended the quarter with $2.8 billion in cash, compared with $3.5 billion in the prior quarter.

Tesla also recently announced plans to build a new factory in China, an investment Mr Musk said would be about $2bn and produce about 250,000 vehicles annually. Musk talked publicly about the chip for the first time in December at a company event. Musk was also enthusiastic about the premise of Tesla owners receiving prizes for completing the Atari titles.

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.

Tesla says it expects to make a profit and generate cash in the third and fourth quarters.

According to the company, it produced about 7,000 Model X, S, and 3 cars during the last week of June.

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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