Elon Musk apologizes for brushing off analysts on past earnings call

Tesla plans to profitably build up to 55,000 Model S cars in third quarter

Despite Tesla reporting a record loss that doubled to $718 million (546.88 million pounds) in the second quarter, shares jumped as much as 11 percent in after-hours trading, as investors focused on steadier production volumes and a slower rate of cash burn.

Tesla has set a more modest near-term production goal for the Model 3, aiming to build 6,000 units per week by late August. Tesla said its gross margin on Model 3 cars turned "slightly positive" during the quarter, meaning the company was no longer losing money on every Model 3 it shipped. The company said it had repeatedly hit weekly production of about 5,000 Model 3s multiple times during July. 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.

Tesla reported its largest quarterly loss in its history on Wednesday and burned through $430 million in cash over three months. The call triggered a stock sell-off and raised questions about Mr Musk's behaviour.

During the second quarter, Tesla laid off 9 per cent of its workforce as it worked toward Mr Musk's promise of making money. The stock was down about 3.4% year-to-date as of Wednesday's close.

The Model 3 is Tesla's most affordable vehicle with a base price of $35,000, and analysts consider it key to the company's goal of cracking the mainstream auto market. That leaves the company with $2.2 billion cash compared with $3.3 billion at the end of 2017.

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Interested in North Korea? "Similarly, we independently found the enrichment plant at Kangson". Pompeo said last week that North Korea was continuing to produce fuel for nuclear bombs.

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However, according to the New York Times , the US State Department did not deny that its diplomats had taken part in any talks. They added that there were "very positive signals" from the meeting, and that it was held in a "friendly atmosphere".

"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy. Tesla projected total 2018 capital spending at just below $US2.5 billion. But analysts suggest that Tesla might run out of cash if it doesn't do a bigger capital raise. His first question came from Bernstein's A.M. (Toni) Sacconaghi, an analyst he butted heads with during the first-quarter conference call.

Adding to intrigue regarding the earnings report, Elon Musk was tweeting about Atari easter eggs included in the next Tesla software update 90 minutes before the report was scheduled.

Tesla stock climbed as much as 5.7 per cent to US$317.95 as of 5 p.m.in NY.

Musk also stated that Tesla was hiring video game developers to build games which integrate with the Tesla's touchscreen, the driver's smartphone, and the auto itself.

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.

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