Tesla Has Record Loss Despite of Increased Production

Tesla, Musk, Model 3, business

Tesla, the US producer of electric vehicles, has seen a loss of $ 718 million (almost 16 billion crowns) in the second quarter, more than doubled yoy. But billionaire firm  owned by Elon Musk has increased production and sales, according to its Wednesday report. Its shares, therefore, after more than nine US dollars, added more than nine percent.

Tesla’s sales rose 43 percent to $ 4 billion (nearly $ 88 billion) from April to June. The company has sold more than 40,000 cars, including 18,000 Model 3 cars for the mass market.

In July, she managed several times to meet the goal of producing 5000 Model 3 a week. In the next quarter, they want to deliver 50,000 to 55,000 units. By the end of August, it would be 6,000 cars a week, and later 10,000 cars a week, Musk said in a letter to the shareholders. From the 7,000-tonne per week, Tesla will be a profitable business.

Musk apologized to analysts

Tesla’s spending continues to outweigh its earnings, but the cash outflow was not as strong as analysts feared. Some experts believe the company will need more capital, but Musk still rejects it. During a teleconference, which always follows quarterly results, Tesla has also apologized for his latest release, when analysts’ questions were “boring” and he refused to answer them.

Musk has recently had to apologize to the British diver, whom he called a pedophile. He responded to criticism of the miniponor that Musk offered to save Thai boys stuck in a flooded cave. Tesla bosses also temporarily negatively hit the company’s shares.

Tesla recently announced that it is about to build a new factory in China. According to Musk, he is investing two billion dollars (nearly $ 44 billion) in his first factory abroad, with up to five billion dollars in earlier information. The factory should produce 250,000 cars per year.

In Asia and Europe, a visionary businessman is about to build another giant car and battery factory. In June, the DPA said Tesla Germany was the favorite for the European headquarters.

Source: https://www.novinky.cz/ekonomika/479538-tesla-ma-rekordni-ztratu-zvysila-ale-vyrobu-i-trzby.html

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