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Tesla Earnings: Shares Rise 11% as Musk Apologizes for ‘Bad Manners’

Tesla Earnings: Shares Rise 11% as Musk Apologizes for ‘Bad Manners’

Excluding items, Tesla reported a loss of $2.45 per share, compared with expectations of a loss of $2.92. That was more than 11 percent above the closing price for the trading day, but still below the $370 peak that was recorded in June. In May, during the company's first-quarter earnings call, Musk berated analysts for asking what he said were "boring, bonehead" questions.

Musk has not yet indicated when the new Party & Camper Mode will be available to owners. Tesla shares fell after the incident, and Musk later apologized. It was the last financial update before the second half of the year, when Musk had vowed the company would be profitable. "That said, significant progress has been made in the last few months, and GA3 is now expected to reach a production rate of 5,000 per week very soon". Musk has been pushing his employees to produce cars at a feverish rate that threatens to burn out the whole operation.

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".

Tesla says it expects to make a profit and generate cash in the third and fourth quarters. These are not issues that can be solved with flame-throwers, surfboards, and hats.

Before the earnings report, Tesla's shares had fallen 6% in past year amid concern that Model 3 production delays would weigh on its finances and force it to raise more cash.

Then the Palo Alto-based automaker was hit with reported quality woes involving Model 3 sedans.

The Model 3 is Tesla's first auto that's aimed at a more mass-market audience, and it debuted to great fanfare, with thousands clamoring to put down $1,000 reservations for the vehicle. Customers have not only had to endure long wait times for the vehicle, but a higher than anticipated ticket price.

Tesla ended the second quarter with US$2.78 billion in cash after spending US$609.8 million in quarterly capital expenses. Meanwhile, the Nissan Leaf and Chevrolet Bolt are ramping up both production and sales. Tesla has repeatedly said Autopilot is meant to be used with an attentive driver whose hands are on the wheel, but the most visible accidents involving Autopilot have included reports of distracted drivers . His first question came from Bernstein's A.M. (Toni) Sacconaghi, an analyst he butted heads with during the first-quarter conference call.

Tesla has done an excellent job of keeping investors on their toes.

The results marked a critical moment for a $50 billion company long believed to be on the brink.

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