Electric vehicle maker Tesla Inc. burned through $739.5 million in cash last quarter, paving the way to a company record $717.5 million net loss as it cranked out more electric cars.
Tesla offered generally positive guidance, including its forecast to be cash flow positive, for the second half of the year, and share prices spiked 9 percent in after-hours trading.
The sedan that was central to the company's mission when it was founded in 2003 - to bring electric vehicles to the masses - has been picking up the pace in recent months, with the company now expecting to build as many as 55,000 units this quarter. This quarter, Tesla hit its 5,000-car-per-week production goal "multiple times" in July-meaning it's not hitting this rate consistently. Analysts polled by FactSet expected a $US2.88 loss per share.
In the first-quarter call in May, Mr Musk cut off Mr Sacconaghi for what he called "boring, bonehead" questions and said Mr Spak's questions were "so dry".
Tesla has begun to lay off 9 percent of its workforce as it tightens spending.
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. We assume that would hold true for all games, because we're fairly certain the motoring public isn't ready for an autonomous vehicle that lets drivers have a go at Pac-Man while rolling down the highway at speed. However, many analysts believe the company will need to raise huge amounts of capital if it is to survive - and it is to that end that it has asked some of its suppliers for a refund of some of the cash it has already paid them. That was worse than Wall Street estimates of a $2.88 loss per share.
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.
Adding to intrigue regarding the earnings report, Elon Musk was tweeting about Atari easter eggs included in the next Tesla software update 90 minutes before the report was scheduled. Tesla projected total 2018 capital spending at just below $US2.5 billion. "We doubt the entry-level Model 3 will be produced profitably anytime soon, if ever".
After quietly upgrading its semi-autonomous driving suite, Autopilot, almost a year ago, Tesla has been working hard on its next-generation hardware.