Elon Musk Takes on Short Sellers Ahead of Earnings


In the a year ago, 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.

The losses were exacerbated by Tesla's 29% gains last quarter - decimating Einhorn's short position in the stock - making it his "second biggest loser" for the six-month period.

Tesla reported sales of $4 billion, topping analyst estimates, and an adjusted loss of $3.06 a share, which missed them.

Tesla stock surged as much 12 per cent in after-hours trading and were up 9.1 per cent at $US328.15 as of 7:28 pm in NY. He spent more than an hour on this quarter's earnings call taking questions from analysts and journalists.

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 said it produced 53,339 vehicles in the second quarter and delivered 18,449 Model 3s. Musk also took time durin. Tesla projected total 2018 capital spending at just below $2.5 billion.

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.

Palace holding meetings on how to deal with Duchess Meghan's father
Markle, who famously skipped his daughter's royal wedding in May, says he suffers from heart problems and is lucky to be alive. Thomas later said the photo shoot and financial agreement were mistakes and that Meghan and Prince Harry had forgiven him.

"We aim to increase production to 10,000 Model 3s per week as fast as we can", the automaker wrote in its quarterly letter to investors.

Net loss attributable to common shareholders for the April-June quarter amounted to $717.5 million, or $4.22 per share, which was more than some analysts expected.

The Model 3 was initially a bone of contention for Tesla as the company was struggling to turn a profit and was losing money on every Model 3 unit it shipped.

Bloomberg News reported earlier Wednesday that the company would look to China to at least partially fund the US$5 billion cost, citing a person familiar with the plans, who asked not to be identified as the matter is private.

"First of all, I'd like to apologize for you know being impolite on the prior call". Analysts polled by FactSet expected a $2.88 loss per share.

Einhorn, a short seller who had bet against Tesla's stock, also said he would not renew his own lease on a Model S, blaming touchscreen and window problems.

The company last quarter cut its spending forecasts and Tesla has begun to lay off 9 per cent of its workforce. The company has never turned an annual profit and has had only two profitable quarters since becoming public in 2010.