Tesla v9.0 Software Update Will Include Atari Games as Easter Eggs

Tesla v9.0 Software Update Will Include Atari Games as Easter Eggs

Tesla v9.0 Software Update Will Include Atari Games as Easter Eggs

Tesla reported a loss of $717.5 million, or $4.22 per share, for the second quarter ended June 30, compared with a loss of $336.4 million, or $2.04 per share, a year earlier.

While the electric auto 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 company claims it plans to produce 50,000 to 55,000 Model 3 sedans in the third quarter, an increase of 75 percent from the first quarter.

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". He also said that production efficiencies should rise as more Model 3s are built, and he said that he expects to make to around 750,000 vehicles in calendar year 2020.

Several analysts had predicted a widening loss for Tesla.

Tesla has begun to lay off 9 percent of its workforce as it tightens spending.

Investors responded very positively: Tesla shares surged as much as 12 per cent in after-hours trading.

The company has struggled to deliver the Model 3, which critics have celebrated as a "modern marvel", at a price cheap enough to win over new buyers who have been priced out of Tesla's luxury line.

Tesla said demand for the Model 3 remained strong.

And not only was the company's outlook more muted, so was CEO Elon Musk.

"We want to make super fun games that integrate the center touch screen, phone & auto irl", he wrote. But the company burned through only about $430 million of its cash on hand, leaving it with $2.8 billion in its reserves.

"No production target is more important than sustained quality, which is why every vehicle we produce goes through a thorough set of measurements and tests before it reaches the customer", it said.

During Tesla's Q2 earnings call on Wednesday, Elon Musk apologized to two Wall Street analysts for his behavior during the Q1 call.

Musk had dressed down Toni Sacconaghi, an analyst for the Sanford C. Bernstein investment management firm, during the previous quarter's conference call for asking what the billionaire techie called "boring, bonehead questions". Tesla projected total 2018 capital spending at just below $2.5 billion. "We doubt the entry-level Model 3 will be produced profitably anytime soon, if ever".

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

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