Economy

Tesla burns $739.5 million in cash on way to record Q2 loss

Tesla burns $739.5 million in cash on way to record Q2 loss

But Tesla's cash burn in the second quarter slowed from about $US1.1 billion. The company said it aims to reach 10,000 a week "as fast as we can".

Last quarter, Mr Musk mistreated two analysts by calling their queries about the company's cash needs and Model 3 orders "so dry" and "not cool".

Speaking with analysts to discus Tesla's latest results, Musk on Wednesday expressed regret for his behavior in the previous earnings call, saying, "I'd like to apologize for being impolite on the prior call".

But on Wednesday, a contrite Musk apologized to both and said he was exhausted from working more than 110 hours per week last quarter. "I hope you'll accept my apology", he said directly RBC Capital caller Joseph Spak.

Turkey says to retaliate against USA decision to impose sanctions over pastor
The Turkish leader previously connected Brunson's return to the U.S.to the extradition of Fethullah Gulen . Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty.

Notably, Tesla in its shareholder letter writes that it has been able to maintain a Model 3 production rate of 5,000 units per week.

The improved production capacity is, according to Tesla, down to the removal of "bottlenecks across various stages of the Model 3 manufacturing process".

As Tesla looks to real profitability in the coming quarters and years, controlling costs is extremely crucial in the automotive business.

It expects to build a total of up to 55,000 Model 3s in the third quarter, which works out to an average weekly rate of 4,230, at a roughly 15 percent gross margin, rising to 20 percent in the fourth quarter.

White House defends decision to bar CNN reporter
President Donald Trump give a joint news conference at the Presidential Palace in Helsinki, Finland, on Monday, July 16, 2018. He is alleged to have failed to confront the Russian leader publicly over the country's interference in 2016 USA election.

David Einhorn's $5.5 billion Greenlight Capital hedge fund lost 18.3% in the first half of 2018 while the benchmark S&P 500 was positive. That's substantially less than the 2017 level of $US3.4 billion.

Tesla shares were up 5 percent at $316.45 in after-market trading on Wednesday. However, the company did still lose money on the whole, working out to an adjusted loss of $3.06 per share, which is a bit worse than Thomson Reuters had estimated.

It's a sign Tesla fans on Wall Street may have had their faith restored in Musk after a rocky few weeks. Tesla reported a record net loss of $718 million, which was larger than what analysts had been forecasting.

Tesla's website describes upcoming features - including the ability for a vehicle to change lanes without driver input, move from one freeway to another, and exit a freeway near the driver's destination - that are not available in Autopilot's current iteration.

Amazon sales up 39% as Jeff Bezos praises rise of Alexa
Hiking the annual United States price of Prime 20 percent during the second quarter showed few signs of discouraging sign-ups. Amazon threatens to match, or even eclipse, Apple's market value, which would make it the world's most valuable company.

Tesla's improved revenues helped the bottom line, but were offset by expenditures for severance pay after the company laid off 9 percent of its workforce in June and by expenses incurred in building the new assembly line, among other things.


  • Coach's ex-wife's abuse texts put Urban Meyer in crosshairs

    Coach's ex-wife's abuse texts put Urban Meyer in crosshairs

    Ohio State Coach Urban Meyer has denied knowing about the 2015 domestic abuse allegation against former assistant Zach Smith . Courtney Smith told Stadium, a sports network , that she told Meyer's wife in 2015 about the alleged domestic violence.
    Priyanka Chopra to star opposite Chris Pratt in ‘Cowboy Ninja Viking’

    Priyanka Chopra to star opposite Chris Pratt in ‘Cowboy Ninja Viking’

    Lieberman and follows a counter-intelligence unit of Multiple Personality Disorder patients who are turned into hired killers. He will be joined by Bollywood star Chopra in the movie based on the classic graphic novel.
    Trump willing to shut down government over wall

    Trump willing to shut down government over wall

    The federal budget year ends September 30, and lawmakers will spend much of August in their states campaigning for re-election. Immigration and Customs Enforcement, a branch of Homeland Security, and by Health and Human Services to prevent abuse.
  • Trump offers to meet with Iranian President Rouhani, without preconditions

    Trump offers to meet with Iranian President Rouhani, without preconditions

    The last time sanctions were reimposed, under President Barack Obama in 2012, Iran lost about three-fifths of its oil exports. Iran would make a summit conditional on America reaffirming its commitment to the Joint Comprehensive Plan of Action .
    Impact of U.S.-China trade tariffs on U.S. companies

    Impact of U.S.-China trade tariffs on U.S. companies

    Chinese demand was a driving factor, and today the East Asian country accounts for one-third of global soybean consumption. The United States is the second biggest exporter of soybeans after Brazil and its global export share is 37.2 percent.
    Facebook is sued after stock plunge 'shocked' market

    Facebook is sued after stock plunge 'shocked' market

    Shareholders suddenly turned tail after realizing that growth had been running out of the company's core money-making app. This allowed Buffer to rank third among the world's billionaires, while Zuckerberg ends up in the sixth spot.
  • Federal judge blocks release of blueprints for 3D printed guns

    Federal judge blocks release of blueprints for 3D printed guns

    Regardless of what a person may be able to publish on the Internet, undetectable plastic guns have been illegal for 30 years. Lasnik said the blueprints' publication could cause irreparable harm to USA citizens.
    Thieves Steal Shark From Texas Aquarium By... Disguising It As A Baby

    Thieves Steal Shark From Texas Aquarium By... Disguising It As A Baby

    Surveillance video taken at about 2 p.m., captures a man leaning over into the exhibit and emerging with the shark in a net. Salvaggio said that one of the men had knowledge of aquariums and likely went to the aquarium specifically for that shark.
    Lawyer says 3 women were paid hush money over alleged Trump affairs

    Lawyer says 3 women were paid hush money over alleged Trump affairs

    One of the women claimed to be pregnant at the time she was paid, ABC7 reported. "All paid hush money through various means. No more lies or lip service", Avenatti tweeted early Friday, EST.
  • Agency Begins Process of Identifying Korean War Remains

    Agency Begins Process of Identifying Korean War Remains

    Initial forensic analysis suggested the remains were likely to be of American servicemen, the USA military said. Consul General Angela Kerwin said Wednesday that no money was paid to North Korea for the remains.
    Apple Forecast Tops Analysts' Estimates on New IPhones, Services

    Apple Forecast Tops Analysts' Estimates on New IPhones, Services

    The revenue included US$236 million from resolving lawsuits such as Apple's long-running dispute with Samsung Electronics Co Ltd. In the last quarter, Apple's services made $9.5 billion, making it the second-largest business segment for the firm.
    Vettel puts mourning Ferrari ahead of Red Bull

    Vettel puts mourning Ferrari ahead of Red Bull

    The story of 2018 season so far, as expected, is between Mercedes' Lewis Hamilton and Ferrari's Sebastian Vettel . Judging from the stats alone, Hamilton's time at Mercedes has been more successful - no surprise there really.