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Tesla reports wider loss than expected, expects to be profitable in the 2nd half of the year as it ramps up Model 3 ...

August 02,2018 04:12

Tesla on Wednesday reported a wider second-quarter loss than analysts had expected. The electric-car maker beat forecasts for revenue, and its cash burn decreased compared with the first quarter. Tesla said it hit a weekly production rate of 5,000 ...

Tesla earnings show wider loss than expected, slower cash burn - Business Insider

Tesla on Wednesday reported a wider second-quarter loss than analysts had expected.
The electric-car maker beat forecasts for revenue, and its cash burn decreased compared with the first quarter.
Tesla said it hit a weekly production rate of 5,000 Model 3s "multiple times" in July and aimed to increase production to 10,000 "as fast as we can."
Watch Tesla trade in real time here.

Tesla on Wednesday reported a wider second-quarter loss than analysts had expected but said it expects to be profitable later this year as it ramps up production of its Model 3 sedan.
The company reported an adjusted loss per share of $3.06 (-$2.90 expected), while revenue topped estimates at $4 billion ($3.97 billion forecast).
The results were highly anticipated, following an eventful quarter for the electric-car and solar-panel maker.
Tesla recently pushed back the delivery timelines for new orders of two of three versions of its Model 3 sedan. Investors and analysts have been interested in any updates on the pace of production of the mass-market cars, as well as whether Tesla may need to raise additional capital even after CEO Elon Musk said otherwise.
Tesla said it hit a weekly production rate of 5,000 Model 3s "multiple times" in July and aimed to increase that to 10,000 "as fast as we can." The electric-car maker said it expected to produce 50,000 to 55,000 Model 3s in the third quarter.
Tesla reported a negative free cash flow of $739 million, smaller than analysts had forecast and less than the $1.05 billion burn in Q1.
"Going forward, we believe Tesla can achieve sustained quarterly profits, absent a severe force majeure or economic downturn, while continuing to grow at a rapid pace," the company said.
Tesla's stock fell 3% immediately after the release before rebounding to gain as much as 3.6%. It has fallen 3% this year through the market close on Wednesday.

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