Tesla reports biggest loss in its history

2019 Jaguar I Pace S

2019 Jaguar I Pace SEnlarge

Tesla blames production difficulties in this area on hundreds of robotic lifters that bring components to the line to be attached to the painted metal body.

But Tesla shares actually rose by about 4 percent on speculation it will turn profitable before the year's end.

Although Tesla is burning through less cash, it continues to lose money. Adjusted for stock-based compensation, the company lost $US3.06 per share.

However, the firm still lost more than $717m in the quarter - more than double a year ago.

With new heights in weekly production being targeted, Tesla expects to produce between 50,000 and 55,000 Model 3 vehicles in the third quarter. "In the second half of 2018, we expect, for the first time in our history, to become both sustainably profitable and cash flow positive". CEO Elon Musk has promised a net profit in the third and fourth quarters.

The company cut its capital spending plans and said it would not hit its long-term rate of producing 10,000 Model 3s per week until next year, a trade-off that may soothe concerns it needs to raise more cash fast.

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Tesla ended the second quarter with $2.78 billion in cash after spending $609.8 million in quarterly capital expenses. Some analysts have questioned whether Tesla can maintain a higher rate of production after rushing to meet an internal target to build 5,000 Model 3s per week by the end of June. Musk talked publicly about the chip for the first time in December at a company event.

Musk said that Tesla is hoping to include Pole Position, Tempest, and Missile Command in this release, which suggests that more Atari games might be added in future updates. There's "no excuse for bad manners", Musk said.

Musk also tweeted that developer applications must show prior work and that he's looking for games with "max playability & creativity".

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 auto itself. Before today's earnings report, the shares were down less than 5 percent on the year.

That's less of a burn than analysts expected, and it means Tesla is under less pressure to seek more financing. Musk and CFO Deepak Ahuja admitted that even production of the vehicle was plagued with problems; Tesla launched a new production line in a massive tent, shuffled its worker base, and worked round the clock to hit the 5,000-Model 3s-a-week target.

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