Tesla shares jump after cash burn worries abate, Musk apologizes to Street
02 August, 2018, 18:27 | Author: Kristi Dunn
The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter previous year.
Tesla had a record loss of $718 million in the second quarter, but investors and analysts focused on the positives, and more importantly on Musk's behavior on the conference call.
"I don't mean refi-ing them, I mean paying them off", he said."There's a convert that's coming due soon - a couple hundred million, $900 million, something like that - we expect to pay that off with internally generated cash flow, and still have a healthy cash balance". "Perhaps it reflects a more cautious Elon Musk".
Tesla spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June. Analysts have questioned whether the 5,000 rate would be sustainable. He and chief financial officer Deepak Ahuja wrote that they expected Tesla to build as many as 55,000 Model 3s this quarter, which would almost double output from the three months that ended in June.
Tesla is also adding a number of other fun features to its vehicles, including "party" and "camper" modes for its Model S, 3, and X vehicles.
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Had it delivered the vehicle in June, the subsidy would have lapsed a quarter earlier, a strategic move applauded by Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management, which holds Tesla shares. But Musk said numerous trade-ins it received were mass-market vehicles, including the Toyota Prius and Honda Accords and Civics.
Telsa's shares jumped 9.3 per cent to $US328.85 in after-hours trading. That angered some deposit-holders, and analysts questioned whether more would drop out because of delays making the cheaper $35,000 version.
On the call, Mr Musk also said he expected the company to avoid returning to the markets for capital and to be "essentially self-funding on a go-forward basis".
In its second-quarter earnings today, Tesla announced losses of $3.06 on $4 billion in revenue.
Tesla ended June with about $2.2 billion in cash, the least it's carried since the first quarter of 2016. Tesla's China investment would not start "in any significant way" until 2019, with much of the roughly $2 billion cost to be funded via local debt.
After the theft, multiple people were seen leaving the cathedral in a boat that was waiting right outside, police said. The crowns and orb are made of gold and enamel and encrusted with beads, crystals and pearls.
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Hamels is also 1-7 with a 6.41 ERA and 1.51 WHIP at home this season while pitching in a hitter's paradise in Arlington. Butler was out of minor-league options, so his departure clears room on the roster for Hamels immediately.
The polar bear was then shot dead "in an act of self-defence" by the second guard, spokeswoman Negar Etminan said. The first guard apparently did not see the bear, which then attacked him and injured him "on his head".
Now the president and his economic team say we're seeing the fruit of those cuts in taxes and regulations. "People are happy. That meant discouraged workers, who have left the job market because they could not find work, will begin to re-enter .
The fire doubled in size Saturday, growing to more than 83,800 acres while putting residents and firefighters in harm's way. The Mendocino County Sheriff's Office ordered evacuations for people living in an area of Ukiah north of Highway 175.
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