Tesla reports biggest loss in its history

Tesla CEO Elon Musk listens as Chicago Mayor Rahm Emanuel talks about constructing a high speed transit tunnel at Block 37 during a news conference

Musk offered his apologies directly to Toni Sacconaghi from Bernstein and Joseph Spak of RBC Capital Markets, the analysts he brushed off in May.

The Tesla Inc chief executive officer began the question-and-answer portion of the carmaker's second-quarter earnings call by atoning for what he called his "bad manners" three months earlier.

Apart from offering classic Atari titles as Easter Eggs to Software V9.0, Musk also responded positively to suggestions of adding leaderboards for the games and introducing Supercharger trophies.

Building 55,000 vehicles in the third quarter works out to an average weekly rate of 4,230 Model 3s.

The business world is looking so closely at Tesla's cash levels because Tesla worked mightily to reach its long-sought milestone of making 5,000 Model 3s in a week.

Founder Elon Musk said that by the end of August, the company will crank up Model 3 production to 6-thousand cars a week, and 10-thousand a week starting next year.

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Of course, the big metric investors care about when it comes to Tesla centers squarely on Model 3 production.

Mr Musk said he expects the company to achieve sustained quarterly net profits from now on, barring an unforeseen event, supplier problems or economic downturn. "It's fair to say that no production ramp of any other product has been as closely watched and debated as that of Model 3".

"In July 2018, Model 3 not only had the #1 market-share position in its segment in the US, it outsold all other mid-sized premium sedans combined, accounting for 52% of the segment overall", Tesla said in a statement reporting earnings. In 2017, the innovative tech company reported a net loss of (only) $336 million in the second quarter. Adjusted for stock-based compensation, the company lost $3.06 per share. But with low cash reserves, investors have anxious that Tesla would need to borrow more money to keep the company afloat.

Several analysts had predicted a widening loss for Tesla.

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. The company has never turned an annual profit and has had only two profitable quarters since becoming public in 2010.

Musk also stated that Tesla was hiring video game developers to build games which integrate with the Tesla's touchscreen, the driver's smartphone, and the auto itself.

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