Tesla shares rise despite bigger 2Q loss

Tesla plans to profitably build up to 55,000 Model S cars in third 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. It was the last financial update before the second half of the year, when Musk had vowed the company would be profitable.

Shares of Tesla rose as much as 3.8% in after-hours trading Wednesday following the electric auto maker's second-quarter earnings report that showed a greater loss than what Wall Street had expected, on better-than-anticipated revenues.

The company said it finished the second quarter with $2.78 billion in cash, and vowed to turn profits in the third and fourth quarter of 2018 - a promise previously made by CEO Elon Musk.

"During the month of July", the letter reads in part, "we have repeated weekly production of approximately 5,000 Model 3 cars multiple times while also producing 2,000 Model S and X per week".

But Musk proved far more subdued during Wednesday's call, apologizing to analysts he had clashed with during the last call for being "impolite".

Hamill Writes Tribute to Carrie Fisher Following Episode IX Casting Announcement
Abrams revealed he'll be using footage from The Force Awakens in the upcoming film; a decision Hamill is in full agreement with. Star Wars fans the world over greeted Friday's news that Fisher would have a role in Episode IX with wistful excitement.

How Chelsea star Willian could fit in at Old Trafford next season
It had been claimed in the British media that Real Madrid have made a bid of €110m to land both Courtois and Willian . The Italian hasn't had the luxury of a full pre-season after a dispute with Napoli delayed his appointment.

MoviePass Users Are Reporting Widespread Outages - Is The Service Dead For Good?
And some major releases will be "limited in their availability" on the service for the first two weeks they're in theaters. AMC charges $20 per month for the ability to see three movies a week at any AMC location.

Tesla shares rose 5% in after hours trading despite the $717.5m loss, as the company forecast additional increases to its production capacity and profitability in the second half of the year.

In a statement released after the markets closed Wednesday, Tesla said it expects to produce 50,000 to 55,000 Model 3s in the third quarter, an increase of at least 75 percent from the first quarter. It had ended the first quarter with $3.2 billion in cash after spending $656 million in capital expenses. It delivered its 200,000th electric auto - including its more expensive Model S and X vehicles - in July, a threshold which means a $7,500 federal subsidy will remain in place to the end of the year. That angered some deposit-holders, and analysts questioned whether more would drop out because of delays making the cheaper $35,000 version of the sedan. "It's fair to say that no production ramp of any other product has been as closely watched and debated as that of Model 3". It said Tesla's initial investment would not start "in any significant way" until 2019, with much expected to be funded via local debt.

Musk apologized to the diver.

Excluding items, Tesla reported a loss of $2.45 per share, compared with expectations of a loss of $2.92.

The Palo Alto, California, company said it lost $4.22 per share from April through June as revenue grew 43 percent to just over $4 billion. The stock has slumped 19 per cent since a 2018 high of $370.73 in June.

Related News:

  • Lewis Hamilton claims faultless win at Hungarian GP

    Lewis Hamilton claims faultless win at Hungarian GP

    Vettel and Raikkonen drove well considering both endured a botched pit stop because of a slow tire change. It looked like Ferrari and Mercedes are neck and neck.
    Aurelio De Laurentiis: Napoli are interested in Matteo Darmian's signature

    Aurelio De Laurentiis: Napoli are interested in Matteo Darmian's signature

    Pogba has struggled for consistency at United but the star midfielder played a key role in France's World Cup triumph in Russian Federation .

    Trump says willing to meet with Iran leaders 'any time'

    The US president's comments come a few days after he and Iran's leaders exchanged barbs threatening each other with war. .
  • Manchester United To Break World Record For Defender?

    Manchester United To Break World Record For Defender?

    When they fell they are going to the knockout phase and can win the World Cup, they close each other. After much frustration, the above-mentioned players left Chelsea for pastures new and flourished.
    Toronto Blue Jays trade suspended pitcher Roberto Osuna to Houston Astros

    Toronto Blue Jays trade suspended pitcher Roberto Osuna to Houston Astros

    Some fans have already written him off in their hearts and minds, while others feel completely the opposite. Luhnow said he thinks the character of the Astros can help Osuna with a fresh start.
    Indians, Nationals have discussed Bryce Harper trade

    Indians, Nationals have discussed Bryce Harper trade

    Even though it's likely that Harper won't be a National in 2019, Washington still seems interested in attempting to re-sign him. But most people believe Harper will ask for at least something near the $325 million Giancarlo Stanton got from the Marlins.
  • Trump willing to shut down government over wall

    Trump willing to shut down government over wall

    McConnell told a radio interviewer last week that a shutdown so close to the November 6 midterm elections won't happen. Trump campaigned on the promise of building a border wall to deter illegal immigration and making Mexico pay for it.
    3D-printed gun blueprints blocked by United States  judge

    3D-printed gun blueprints blocked by United States judge

    The Trump administration issued a decision in June that allows for the online publishing of instructions for 3D-printed guns. Wilson has argued that the restriction on his company violates its First Amendment rights.

    Watch the NEW Venom 2018 movie trailer now!

    In any case, this trailer is arguably the best we've seen yet, as it gives us more of the antihero we really want to see. Without their common foe, Spider-Man, to unite them, they would naturally be at odds until they find common ground.
  • RBI in a tight spot, is expected to raise rates again

    For instance, every time the RBI lowers repo rate , banks are typically expected to pass on the benefit to retail customers. RBI had increased rate by 25 bps in the previous policy review after four-and-a-half years.

    North Korea said to be working on new missiles

    North Korea's ability to build ICBMs, and to replace test sites that they built in the first place, are not in doubt. Markey took a dimmer view of North Korea's fulfillment of Kim's pledge made orally to Trump in Singapore.

    EPL: Mauricio Pochettino set to replace Mourinho at Manchester United

    However, the Ligue 1 champions rejected the offer as they disagreed with the Red Devils valuation for the out-of-favour forward. United fans were quick to raise their concern after watching the clip and slammed Mourinho's players for their lack of effort.


Most liked

Tommy Robinson wins appeal of contempt of court sentence
That hearing was adjourned until 22 May, when the judge explained that the filming could have the effect of derailing the trial. Born in 1982, Tommy Robinson, whose real name is Stephen Yaxley-Lennon, describes himself as "a working-class man from Luton".

Turkish court rejects appeal for U.S. pastor’s release
He added, " President Trump has made it abundantly clear that the United States expects Turkey to release him immediately". He was charged with being involved in a failed coup that year and with colluding with Kurdish militants.

Everton to offer Pickford improved contract
Chelsea are considering a £100million transfer bid from Real Madrid for goalkeeper Thibaut Courtois and midfielder Willian. With just over a week remaining of this summer's transfer window, there is still plenty of business to be completed.

Rudy Giuliani downplays Robert Mueller investigation: ‘Collusion is not a crime’
The video is set up with a voiceover that says, "And now, Rudy Giuliani versus Rudy Giuliani on Michael Cohen ". You start analyzing the crime - the hacking is the crime.

Federal judge blocks release of 3D-printed gun plans
District Court, Eastern District of Pennsylvania, to block the company from distributing its 3D gun designs in Pennsylvania. Durkan said expanding access to 3D guns would only benefit criminals and people who shouldn't have access to firearms.

Trump calls Koch brothers 'a total joke'
At the center of the latest flare between the Kochs and Trump is support for Kevin Cramer , a Republican running for the U.S. Senate in North Dakota against incumbent Democrat Heidi Heitkamp . "We've got a message for lawmakers across the country".

Samsung Galaxy Note 9 price to be lower than Note 8
According to it, the Note 9 will launch in three colors: Mystic Black, Artisan Copper, and Engineered Blue. This is the cost of the 128 GB variant, the 512 GB one will be IDR17,5 million or somewhere around $1,215.

Facebook Might've Just Had The Worst Day In Stock Market History
After a surprisingly weak growth forecast in this week's earnings report, Facebook's stock price dropped 19 percent. Ever since the Cambridge Analytica Scandal, Facebook had been the prime target for criticism.

Thieves tried to kidnap a shark by disguising it as a baby
Miss Helen was found alive in the garage of a San Antonio home that looked like a "mock-up" of the aquarium , Salvaggio said. Police confirmed that a 38-year-old man was arrested on Monday night in connection with the theft, the Daily Mail reported .

Jose Mourinho: This is the flawless habitat for young players
The Manchester United manager has had a significant number of players unavailable due to post-World Cup breaks and injuries. I think in every pre-season it happens basically the same with probably every club, which the manager wants more.

The secret meaning behind Meghan Markle's earrings she wore to the polo
Although someone else's wedding probably isn't the birthday celebration Meghan had in mind, at least she isn't having to cut short a tropical holiday.

Manchester United To Submit Yerry Mina Offer?
After winning the Premier League season in 2015-16, expectations among the Leicester fans have been lifted to very high levels. This earned him a spot in the England squad that made it to the semifinals of the World Cup .

Fears for 4,000,000 people stripped of Indian citizenship
The first draft, released on December 31, confirmed 19 million people were citizens. Political activists in Assam say most of those are Bengali-speaking Muslims.

Juventus and Milan keen on David Luiz
Juventus are willing to let Higuain go after signing Portuguese superstar Cristiano Ronaldo for £100m earlier this month. Chelsea were interested in the Argentina worldwide , but he looks set to remain in Serie A for the foreseeable future.

Mars closest to earth in 15 years today
The Red Planet will be 57.6 million kilometres from our world today, offering the clearest and brightest views since 2003. But just in case you miss Mars Close Approach this year, the next one is scheduled to take place on October 6, 2020.