Friday, 17 August, 2018

Elon Musk apologizes for behavior on infamous Tesla earnings call

2017 Tesla Model X 2017 Tesla Model XEnlarge
Jodi Jackson | 02 August, 2018, 16:34

The U-turn came after Tesla reported it burned through less cash than analysts' feared last quarter and stood firm with Musk's projection that profit is around the corner after years of losses.

Tesla CEO Elon Musk stated on Twitter that the company will add a number of classic Atari games to the software in its electric cars.

Tesla said it expects to increase Model 3 production to 6,000 per week this month, buoying expectations that the electric vehicle maker will meet its goal of profitability and positive cashflow in the next two quarters.

CEO Elon Musk has said that the company would become profitable by late this year as it ramps up production and deliveries of the Model 3. Adjusted for stock-based compensation, the company lost $US3.06 per share.

Positive signs that might have contributed to the optimism among investors is that the company's cash burn slowed down, from $745.3 million in the first quarter to $739.5 million, in the second one.

"In July 2018, Model 3 not only had the #1 market-share position in its segment in the USA, it outsold all other mid-sized premium sedans combined, accounting for 52% of the segment overall", Tesla's earnings press release stated.

During a conference call with analysts, Musk said late Wednesday he expects Tesla to report profits in all future quarters as long as the US economy remains strong.

Telsa's shares jumped 9.3 per cent to $US328.85 in after-hours trading on Wednesday. Tesla has also asked parts suppliers for refunds.

Wednesday's earnings report also comes as Musk has faced scrutiny for recent erratic behavior.

"TSLA is accommodating Model 3 customers who are willing to pay for premium features - making the auto more of a luxury item with a smaller addressable market than the mass market vehicle TSLA had promised".

Tesla expects to product 50,000 Model 3s in the third quarter.

Free cash flow, a key metric of financial health, narrowed to negative $740 million in the second quarter from negative $1 billion in the first quarter, excluding solar business costs.

"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy.

Net loss attributable to common shareholders for the April-June quarter amounted to $717.5 million, or $4.22 per share, which was more than some analysts expected. "Honestly, I think there's really no excuse for bad manners, and I was kind of violating my own rule in that regard".

The company's revenue grew for the sixth straight quarter, mainly thanks to sales of the Model 3.

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