'Bad manners': Musk's apology to analysts sends Tesla shares soaring

Elon Musk toast champagne Tesla SpaceX celebration

The U-turn came after Tesla reported it burned through less cash than analysts' feared last quarter and stood firm with Musk's projection that profit is around the corner after years of losses.

Among the many faces of Elon Musk-for a glimpse of how many, look no further than the Musk memes-the Tesla CEO seems to have found the persona most likely to make him rich: Apologetic Elon.

While the electric vehicle maker has failed to generate profit for yet another quarter, the trend has not apparently discouraged the market, with Tesla stock gaining 11 percent and trading at $334.18 per share after the statement was released.

The net loss more than doubled from the same quarter a year ago, and was slightly larger than the first quarter. On an adjusted basis, Tesla lost $3.06 per share, missing the consensus estimate of $2.92.

Pompeo to announce US economic initiatives in ‘Indo-Pacific’
We want it to be free, we want it to be open. "It's high-quality, it's transparent and it is financially sustainable", Hook said.

Tesla also recently announced plans to build a new factory in China, an investment Mr Musk said would be about $2bn and produce about 250,000 vehicles annually. And yet Tesla's stock is up 5% in after-hours trades.

Tesla also faces broader challenges that could make its cars more hard to sell.

VideoTesla soared in late trading after second-quarter revenue beat expectations and the cash burn slowed. The company has had to ramp up production of its lower-cost Model 3 auto, even constructing a tent in the parking lot to hit its target of manufacturing 5,000 of the vehicles per week by the end of the quarter.

Musk attributed his intemperate remarks this spring to the long work weeks at Tesla and a lack of sleep, while adding that "there's still no excuse for it".

Fact or Fiction: Is Trump Right to Claim Collusion Isn't a Crime?
Instead of clarity, he parroted back the increasingly common refrain of "collusion is not illegal! ". Mr Trump's tweet comes after his lawyer Rudy Giuliani told Fox News " collusion is not a crime ".

"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy.

Free cash flow, a key metric of financial health, narrowed to negative US$739.5 million in the second quarter from negative US$1 billion in the first quarter, excluding costs of systems for its solar business.

The company said it lost $4.22 per share as revenue grew 43pc. But Musk said numerous trade-ins it received were mass-market vehicles, including the Toyota (7203.T) Prius and Honda (7267.T) Accords and Civics.

Tesla delivered more of its Model 3 cars in the most recent quarter, helping to boost revenues. The company has never turned an annual profit and has had only two profitable quarters since becoming public in 2010.

Japan forward Muto set to join Newcastle
Fulham reportedly have a £20m bid for Serbia forward Aleksandar Mitrovic accepted by Newcastle United . Gayle struggled for goals on Newcastle's return to the Premier League, scoring six in 38 appearances.

Tesla also said it's working on a new version of its Autopilot semi-autonomous software that will have greater safety features.

Related news:

Hot News

isis-killer-beheading-video-story-top Demi Lovato will go to rehab after hospitalization
Aug 02, 2018 - 14:46
American singer Demi Lovato is still cooped up in the hospital after suffering from the side effects of her drug overdose . Lovato was rushed to hospital last Tuesday (local time) after an unknown drug overdose.

isis-killer-beheading-video-story-top Iran MPs summon Rouhani as USA pressure squeezes economy
Aug 02, 2018 - 04:54
In May the United States left the deal which curbed Iran's nuclear activities in return for the lifting of worldwide sanctions . Rouhani recently warned the USA that "war with Iran is the mother of all wars ", prompting an all-caps retort from Trump.

isis-killer-beheading-video-story-top Thieves steal Swedish royal jewels, escape by speedboat
Aug 02, 2018 - 00:30
The cathedral was closed today, and a grassy area by the jetty was cordoned off as police inspected the ground for clues. An eyewitness, Tom Rowsell, said: "One of my friends saw two people running".

isis-killer-beheading-video-story-top Anthony Martial has tweeted after failing to return to Manchester United training
Aug 01, 2018 - 23:49
Jose Mourinho has no idea when Anthony Martial will return to United . "In every pre-season, it happens the same, with every club, which is that the manager wants more".

isis-killer-beheading-video-story-top Dem senator: Family separation is 'official kidnapping and child abuse'
Aug 01, 2018 - 23:16
In a letter, Sens. "I'm disturbed by these allegations", said Grassley, the chairman of the committee. Attorney General Jeff Sessions and DHS' Nielsen implemented the policy in earnest in May.

Meghan Markle-Prince Harry ready for first royal vacation. Details here
Aug 01, 2018 - 23:13
Reports claim Meghan feels like she is bound not to say anything , but has been left frustrated by her dad's revelations.

isis-killer-beheading-video-story-top Zimbabwe ruling party wins majority seats in Parliament
Aug 01, 2018 - 21:57
The ruling ZANU-PF won 109 seats while the main opposition MDC party had 41 in the country's 210-seat House of Assembly. Earlier, the opposition MDC Alliance said that vote had been rigged and that its candidate Nelson Chamisa had won.

isis-killer-beheading-video-story-top Star witness may or 'may not' testify in ex-Trump aide's trial
Aug 01, 2018 - 21:05
But Manafort, according to prosecutors, hid the existence of his offshore accounts from his own tax preparers and bookkeepers. Opening remarks by Manafort's lawyer, Thomas Zehnle, gave an indication of his defense tactic - singling out Gates.

isis-killer-beheading-video-story-top Rescuers attempt to reach 'hundreds' stranded on Indonesia's Lombok: Disaster agency
Jul 30, 2018 - 21:46
Among those killed in the quake was a 30-year-old Malaysian female tourist, Antara said. He said the ground shook violently and people lay down until the tremors stopped.

isis-killer-beheading-video-story-top Probe into Flight MH370 mystery raises specter of 'third party' interference
Jul 30, 2018 - 20:10
The aircraft vanished on March 8, 2014, when it was on its way to Beijing from Kuala Lumpur with 239 people on board. But that search was called off after failing to locate the plane while scouring 125,000sq km of the Indian Ocean.

isis-killer-beheading-video-story-top Giuliani says Trump could soon decide on Mueller interview
Jul 30, 2018 - 18:12
Trump may still sit for an interview for special counsel Robert Mueller's investigation and argued that collusion may not be a crime.

isis-killer-beheading-video-story-top India could strip 4 million of citizenship in northeast region
Jul 30, 2018 - 17:45
As many as 1.9 crore people were included as legal citizens of India in the first draft. We are anxious because people are being made refugees in their own country.

isis-killer-beheading-video-story-top Carr Fire more than doubles in size near Redding, California
Jul 30, 2018 - 14:28
A 32-year-old man has been arrested and charged with 15 arson counts, though it is still unclear if he started the Carr fire. The family said authorities told them the boy had called 911 from the house, relatives told the San Francisco Chronicle .

isis-killer-beheading-video-story-top Over $109bn wiped off Facebook's market cap after growth shock
Jul 28, 2018 - 19:48
A #DeleteFacebook campaign didn't have any "material impact" on the bottom line, COO Sheryl Sandberg said earlier this year. Although it did its best to downplay the stormy financial forecast, Facebook's investors don't seem to be distracted.

isis-killer-beheading-video-story-top Unai Emery impressed by Smith Rowe's performances for Arsenal
Jul 28, 2018 - 19:26
Arsenal took on Atletico Madrid in Singapore in the club's first match of the pre-season tour. I can just say I'm enjoying myself more here than I was in Manchester ".