Tesla claims record revenue of $4B in Q2 2018

Tesla claims record revenue of $4B in Q2 2018

Tesla claims record revenue of $4B in Q2 2018

In its letter to shareholders, the company said it now expected to produce 6,000 Model 3 cars per week by late August, and 10,000 Model 3s per week "sometime next year".

Tesla delivered more of its Model 3 cars in the most recent quarter, helping to boost revenues.

Shares rose 5 per cent after hours. Some analysts have questioned whether Tesla can maintain a higher rate of production after rushing to meet an internal target to build 5,000 Model 3s per week by the end of June.

Chief Executive Musk is under intense pressure to prove he can deliver consistent production numbers for the new sedan, which has faced a host of manufacturing challenges since previous year.

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

"During the month of July", the letter reads in part, "we have repeated weekly production of approximately 5,000 Model 3 cars multiple times while also producing 2,000 Model S and X per week". The company's sale of its 200,000th vehicle last month triggered the phase-out period for a $7,500-per-car federal tax credit granted by the Obama administration to encourage the sale of electric cars. He previously said Tesla would achieve positive cash flow and profits in the third and fourth quarters of 2018.

The all-electric automaker said that it had made $4 billion in auto, battery and leasing revenue during the second quarter of the year, a sharp increase over the same quarter last year because it had finally introduced its newest Model 3 sedan.

Audi PB18 e-tron: EV supercar concept coming to Pebble Beach
The E-Tron SUV is set to get its full reveal on September 17 ahead of it going on sale sometime in 2019. The styling of the Audi PB 18 e-tron was developed at the new Malibu Design Loft.

Tesla has been spending heavily as it strives to get the Model 3 - its latest vehicle - into the hands of customers.

Of course, the big metric investors care about when it comes to Tesla centers squarely on Model 3 production.

It recently opened up reservations for the vehicle, allowing new buyers of the pricier models to jump ahead of those who had ordered base models of the vehicle two years ago. That angered some deposit-holders, and analysts questioned whether more would drop out because of delays making the cheaper $35,000 version of the sedan.

Musk apologized to the diver. Analysts have suggested that Tesla will need to raise cash to support the Model 3 and other vehicles in the company's pipeline, but Musk reiterated Wednesday that it won't need to seek additional funds.

The company reported an adjusted loss per share of $3.06 (-$2.90 expected), while revenue topped estimates at $4 billion ($3.97 billion forecast).

Several analysts had predicted a widening loss for Tesla.

Tesla shares were up over 8 percent at $325.30 in after-market trading on Wednesday.

Recommended News

  • Fires explode in Northern California

    Fires explode in Northern California

    Despite the dramatic increase in size, only seven residences and three outbuildings have been destroyed by the fires. It's burning near Highway CA-20 at MP 39, Old Lake County Highway and Blue Lake areas, 8 miles northeast of Ukiah.

    France bans smartphones in schools

    But some lawmakers from the right and the left abstained, claiming the law would add little to rules already in place in schools. According to the Agence France-Presse, almost nine in 10 French teens between the ages of 12 and 17 own a smartphone.
    Tristan Thompson felt embarrassed by Draymond Green’s Finals diss

    Tristan Thompson felt embarrassed by Draymond Green’s Finals diss

    Whether it's true or not is another question, but Green did bring this on by saying that Thompson could "see him in the streets". Draymond allegedly tried to apologize to Tristan for what happened during Game 4 of The Finals, but Thompson wasn't having it.
  • Anti-Muslim activist Tommy Robinson freed from prison on bail

    Anti-Muslim activist Tommy Robinson freed from prison on bail

    They said after Mr Robinson deleted the video, there was not "sufficient urgency" to justify proceedings being taken against him. The court dismissed Robinson's appeal against an earlier contempt of court finding relating to a court case in Canterbury, Kent.
    Sony Launches New Master Series 4K HDR TVs; Available Starting September 2018

    Sony Launches New Master Series 4K HDR TVs; Available Starting September 2018

    If you own one of those Sony Bravia TVs, let us know if the new Calibrated Mode makes the whole experience better for you. Both models feature the maker's Picture Processor X1 Ultimate, as well as a feature called Netflix Calibrated Mode .
    U.S. May Raise Tariffs to 25% on China

    U.S. May Raise Tariffs to 25% on China

    Still, the administration's threats represent a significant escalation of trade tensions with China. He said the president had asked him to consider increasing the proposed tariffs.
  • ‘ALF’ Reboot in Development at Warner Bros

    ‘ALF’ Reboot in Development at Warner Bros

    The latest reboot in the works is ALF , the puppet-based '80s sitcom, which TVLine reports is in development at Warner Bros. Varietysays it has confirmed the news with sources, but WB TV isn't commenting on the news just yet.

    Nicole Kidman in talks to play Gretchen Carlson in Fox News movie

    Since then, she has become an outspoken anti-sexual harassment advocate. Theron will portray Megyn Kelly and Kidman will play Gretchen Carlson .

    Nvidia confirms GeForce Gaming Celebration event just ahead of Gamescom

    For any readers that might be in the area and interested in attending, first come first served registration can be found here . It also promises some "spectacular surprises" and not much is known about that at this point in time.
  • Nintendo reports 88% hike in profits on strong sales of Switch

    Nintendo reports 88% hike in profits on strong sales of Switch

    The company's operating profit was 30.5 billion yen ($274 million) and its revenue was 168 billion yen ($1.5 billion). This is reflected by a major boost in software sales - with a 120% increase compared to the same period past year .
    Mnangagwa's ruling ZANU-PF claims majority in Zimbabwe election

    Mnangagwa's ruling ZANU-PF claims majority in Zimbabwe election

    It followed a surprise press conference at which he stunned observers and called for voters to reject ZANU-PF, his former party. Another protester, Colbert Mugwenhi said: "We had no weapons".

    Tommy Robinson wins appeal over contempt sentence, will be released

    He added: "The appellant is granted bail and the matter of contempt at Leeds Crown Court is remitted to be heard again". The trial was subject to blanket reporting restrictions, which means certain details of the case could not be reported.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.