Tesla hit major Model 3 production milestone in Q2 2018

Tesla building $5B factory in China: report | TheHill

In the previous year, Tesla has come under scrutiny for its factory conditions, vehicle production, treatment of employees, odd cost cutting measures, and CEO Elon Musk's fitful interactions with critics.

Investors responded very positively: Tesla shares surged as much as 12 per cent in after-hours trading. In a series of Twitter updates on Wednesday, Elon Musk announced that some classic Atari games would be coming as Easter Eggs in Tesla's Software V9.0 release, which is expected to be rolled out in September of this year and accessible to Model S, Model X, and Model 3 vehicles. "Perhaps it reflects a more cautious Elon Musk". Tesla would use money generated from sales to fund big projects such as an estimated $2 billion new factory in China and another plant in Europe, he said.

Tesla ended the second quarter with $2.78 billion in cash after spending $609.8 million in quarterly capital expenses.

Musk offered his apologies directly to Toni Sacconaghi from Bernstein and Joseph Spak of RBC Capital Markets, the analysts he brushed off in May.

The electric auto maker said it will continue to ramp up production of the Model 3, forecasting a weekly rate of 6,000 vehicles by late August. Tesla expects to make 50,000 to 55,000 Model 3 cars this quarter.

Tesla spent millions as it reached a goal of producing 5000 Model 3 sedans per week by the end of June. In celebrating that goal, Musk upped the ante, saying the company would produce 6,000 a week by the end of August.

"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", CFRA analyst Efraim Levy wrote in a note to clients.

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"Now that we have reached a production rate of 5,000 Model 3 vehicles per week, we are focused on further ramping production, and achieving profitability and continuous cost efficiencies", Musk and Ahuja said. Going forward, Musk said he expected that rate to become the average for the third quarter, compared with a weekly average of about 2,000 cars for last year's corresponding quarter.

Einhorn is swapping his Tesla Model S for a Jaguar I-PACE SUV, he told investors Tuesday.

But analysts have said in recent weeks they thought demand for the Model 3 might be waning because of long wait times.

Tesla projected 2018 capital spending of slightly less than $2.5 billion, compared to $3.4 billion past year.

Tesla says it lost almost $743 million between April and June this year, compared with about $785 million last quarter.

The Wall Street Journal reports that Tesla has held preliminary discussions with two German states as it looks to lock down a location where it can build its future models and batteries.

Tesla reported its largest quarterly loss in its history on Wednesday and burned through $430 million in cash over three months.

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