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Tesla posts record $717 million net loss in second quarter

02 August 2018

Electric auto maker Tesla burned through $US739.5 million ($1 billion) in cash last quarter, paving the way to a company record $US717.5 million net loss as it cranked out more electric cars.

Tesla said it lost $4.22 per share as revenue grew 43 percent to just over $4 billion from April through June.

The company cut its capital spending plans and said it would not hit its long-term rate of producing 10,000 Model 3s per week until next year, trading off production ramp speed for financial health.

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In its last production call in early July, Tesla had barely made its goal of producing 5,000 of the cars a week by the end of June-and that for only a week and by the skin of the company's new tent that houses the car's second production line. In a letter to investors, Tesla called this a "significant achievement", something it expects to jump by around 15-percent in its third quarter and 20-percent in its fourth quarter.

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

During today's call, Musk apologized to both analysts. Tesla expects to make 50,000 to 55,000 Model 3 cars this quarter. He also said he wants to link "Pole Position" to an actual vehicle steering wheel so players can use it as a controller - while stationary, of course. But it is also the most heavily shorted company on Wall Street, with an army of investors betting billions that the cash-burning company's turbulence would ensure its imminent collapse.

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

Back then, Musk derided analysts for asking about capital needs, dismissing their queries by calling them "boring, boneheaded questions" and then taking a series of more sympathetic questions from a small shareholder who was well-informed about Tesla and bullish on its future.

Tesla stock climbed as much as 5.7 per cent to US$317.95 as of 5 NY. Additionally, it seems Tesla is keen to get unique game content into its cars, as Musk also tweeted job opportunities for game developers.

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Tesla's website describes upcoming features - including the ability for a vehicle to change lanes without driver input, move from one freeway to another, and exit a freeway near the driver's destination - that are not available in Autopilot's current iteration.

Tesla posts record $717 million net loss in second quarter