Sunday, 19 August, 2018

Elon Musk Takes on Short Sellers Ahead of Earnings

2017 Tesla Model X 2017 Tesla Model XEnlarge
Jan Cook | 02 August, 2018, 18:24

The net loss more than doubled from the same quarter a year ago.

Among the many faces of Elon Musk-for a glimpse of how many, look no further than the Musk memes-the Tesla CEO seems to have found the persona most likely to make him rich: Apologetic Elon.

American carmaker Tesla has reported its biggest quarterly loss yet of 717-and-a-half million dollars.

During the earnings call, Musk said that if the company maintains its production rate of 7,000 cars per week of Models 3, S, and X, it can be profitable.

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

Musk has been adamant that Tesla won't need to raise more capital this year.

For nearly a year, Tesla followers fixated on the company's target to make 5,000 Model 3s in a week. Analysts have questioned whether the 5,000 rate would be sustainable.

Rudy Giuliani blasts Michael Cohen, calls former Trump fixer a 'pathological liar'
Sounds to me like someone is trying to make up stories in order to get himself out of an unrelated jam (Taxi cabs maybe?). And now Cohen is saying that Donald Trump Jr . did let his father know about that meeting in advance.

In the next quarter, Tesla expects to produce 50,000-55,000 Model 3 vehicles - an increase of up to 92 percent from the previous quarter.

Had it delivered the auto 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.

Tesla pulled out all the stops to finally hit that goal at the end of June, flying in a production line from Germany on a cargo plane, adopting an around-the-clock schedule and erecting a massive tent to house another assembly line in the parking lot of its California plant. But Musk said numerous trade-ins it received were mass-market vehicles, including the Toyota Prius and Honda Accords and Civics.

One thing that stood out and caught investors' attention is the fact that the company's Model 3 auto helped set a new record: a total revenue of United States dollars 4 billion in one quarter. 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, Musk also said he expects the company to avoid returning to the markets for capital and to be "essentially self-funding on a go-forward basis".

And, Q2 figures were still an improvement from the $1.05 billion loss in Q1. Tesla also emerged with United States dollars 2.2 billion in cash and equivalents; this should help Musk in raising funds in the coming quarter. Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion.

Total revenue rose to $4 billion from $2.79 billion.

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