Elon Musk drama or no, Tesla still has investors on its side

Elon Musk drama or no, Tesla still has investors on its side

Tesla said that during July it had hit an earlier goal of building about 5,000 Model 3s per week "multiple times", and reiterated a target of producing 6,000 per week by late August.

Shares of the company rose 10 percent to $331 before the bell.

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. Tesla also emerged with United States dollars 2.2 billion in cash and equivalents; this should help Musk in raising funds in the coming quarter.

More news: Trump now says ‘collusion is not a crime,’ echoing Giuliani’s defense

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

Chief executive officer Elon Musk pledged to post net profits in future quarters and on a conference call on Wednesday apologised to two analysts he cut off on the company's first-quarter call. In Q2, Tesla delivered a total of 40,768 cars, out of which the Model 3 accounted for 18,449 deliveries.

The games will be available as Easter Eggs in Tesla's V9.0 operating system, which is set to release in around a month.

More news: Cohen says Trump knew about 2016 meeting with Russian lawyer

Tesla plans to pay off its upcoming debt - some $1.8 billion comes due before November 2019 - through internally generated cash flow, Musk said. Previously, he insulted some analysts - turning off investors and shareholders, and knocking $2 billion off the company's market cap. Many analysts have questioned how long he can stay insistent, citing lingering doubts that the company can sustain higher Model 3 production levels and afford to pay off some of the liabilities looming on its balance sheet.

There are usually plenty of reasons for Tesla owners to look forward to software updates, but those who are also retro gaming fans have even more reason to look forward to the next one. After a struggle Musk blamed in part on relying too much on automation, the carmaker put off expenditures toward doubling that rate until it was achieved. 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.

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

More news: Giuliani: 'I want you to hear' Cohen tapes

Tesla has done an excellent job of keeping investors on their toes.

Related Articles

  • Duchess Meghan 'at wits' end over father

    Following their nuptials earlier this year it's very possible that the new Duke and Duchess of Sussex are thinking about babies. Model Chrissy Teigen has ignited a Twitter spat with Meghan Markle's half-sister Samantha .
    Access To 3-D Printable Guns Blocked In Pennsylvania

    Access To 3-D Printable Guns Blocked In Pennsylvania

    In an email, Wilson said he had uploaded the plans to its website on July 27 and that they were already available to download. The settlement would allow Defense Distributed to legally release downloadable gun blueprints as of Wednesday.
    Russian President Putin ready to visit USA, invites Trump to Moscow

    Russian President Putin ready to visit USA, invites Trump to Moscow

    Such journalists are "the worst", Trump has reportedly told aides, in addition to asking that the behavior be punished. He tweets critiques of news coverage nearly daily and has openly contemplated cutting off press access.
  • Opposition supporters mass in Zimbabwe capital in tense wait for election results

    Opposition supporters mass in Zimbabwe capital in tense wait for election results

    Channel 4 News have revealed that they were caught in the "perilous" crossfire during yesterday's protests in Zimbabwe. No amount of results manipulation will alter your will", he tweeted before the army was deployed.

    Swedish royal jewels stolen from cathedral

    An eyewitness told a local news outlet that once they reached the lake, the thieves jumped into a "little white boat". Thieves took two crowns and an orb from the Swedish royal family's collection, and then made off in a motorboat.
    No one excluded from NRC will be declared foreigner: MHA official

    No one excluded from NRC will be declared foreigner: MHA official

    The government said the draft was not meant to drive people out and those struck off the list would have a chance to reapply. Is the government trying to do forceful eviction", the TMC chief asked. "People are being isolated through a gameplan.
  • Trump Lawyer: Odds Against President Testifying in Russia Probe

    Trump Lawyer: Odds Against President Testifying in Russia Probe

    President Trump speaks about the economy during a statement on the South Lawn of the White House on Friday. Richard Blumenthal (D-Conn.) wrote on Twitter on Monday, citing a reference in the federal code.
    Zimbabwe: Expect Results From 3.pm - ZEC

    Zimbabwe: Expect Results From 3.pm - ZEC

    Worldwide observers have been cross-checking the ballots, to see if there was no vote-rigging in yesterday's election. He holds degrees in political science, worldwide relations and law, and also recently qualified as a pastor.
    USA  economy grows at the fastest pace since 2014

    USA economy grows at the fastest pace since 2014

    The economic bump, at 4.1 percent, was the best quarter the country has seen since 2014, according to the Commerce Department . But from the second quarter of 2009 through the end of past year , GDP has grown at averaged annualized rate of 2.2 percent.
  • John Isner reaches 8th Atlanta Open final

    Isner won titles in 2013, 2014, 2015 and 2017. "I am definitely playing better than I was in the beginning of the year". The top seed dropped the first set against eighth seed Harrison, but fought back to clinch a 5-7 6-3 6-4 victory.
    Abdullah endorses United States  talks with Taliban in Qatar

    Abdullah endorses United States talks with Taliban in Qatar

    His release was eventually secured in May 2014 in exchange for the five Taleban prisoners, who are living in Doha. The United States and Afghanistan are also trying to arrange a second ceasefire with the Taliban over Eidul Azha.
    Zuckerberg under fire as Facebook loses $123 billion in value

    Zuckerberg under fire as Facebook loses $123 billion in value

    According to him, there is at least 19 percent plunge in the Menlo Park, California-based company's shares the next day. Buffett now ranks third among the world's billionaires, while Zuckerberg is sixth.