Tesla makes more cars as revenue jumps

2019 Jaguar I Pace S

He previously said Tesla would achieve positive cash flow and profits in the third and fourth quarters of 2018.

Investors have been eager to see Tesla's latest financial results, with the automaker under growing pressure to meet production and profitability targets.

The Palo Alto, California, company said it lost $4.22 per share from April through June as revenue grew 43 percent to just over $4 billion. After losing nearly 20 percent of its value after the previous earnings call, Tesla stock bounced about 5 percent in after hours trading immediately after the latest earnings report was released. In May, during the company's first-quarter earnings call, Musk berated analysts for asking what he said were "boring, bonehead" questions. It said Tesla's initial investment would not start "in any significant way" until 2019, with much expected to be funded via local debt. Tesla said in its shareholder letter that the Model 3's gross margin "turned slightly positive" in Q2, and the boost in production could move that figure up to 15 percent by quarter's end. Adjusted for stock-based compensation, the company lost $3.06 per share. Musk also took time durin.

Tesla ended June with about $US2.2 billion in cash on its balance sheet. Tesla says it's on track to produce 100,000 Model S and X cars this year.

Elon Musk's electric auto company had revenues of $4bn in the three months to June, rising 43% from the same period a year ago. Musk talked publicly about the chip for the first time in December at a company event. Tesla expects to make 50,000 to 55,000 Model 3 cars this quarter. Analysts polled by FactSet expected a $US2.88 loss per share.

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And a second, private search by USA company Ocean Infinity that finished at the end of May also found no sign of the wreckage. They examined Shah's flight simulator at home but found "no unusual activities other than game-related flight simulations".

Furthermore, the Model 3 is behind schedule, and investors are concerned consumer infatuation won't hold.

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

After quietly upgrading its semi-autonomous driving suite, Autopilot, almost a year ago, Tesla has been working hard on its next-generation hardware.

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

Einhorn also said that he was pleased his Tesla lease had ended and that he was excited to get the I-Pace, which is Jaguar's first electric SUV and powers Waymo's fleet of self-driving taxis.

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