Tesla shares rise despite biggest quarterly loss yet

Tesla is now the king of the mid-range cars

Tesla plans to profitably build up to 55,000 Model S cars in third quarter

Tesla's stock was up 5% in after-hours trading.

Tesla said its gross margin on Model 3 cars turned "slightly positive" during the quarter, meaning the company was no longer losing money on every Model 3 it shipped. Musk apologized to the diver.

The company said that it expects to grow at a rapid pace and expects to achieve sustained quarterly profits.

In the company's previous earnings call, in which he initially announced the layoffs, Musk also said the company would reduce its capital expenditures-investments going forward.

But on Wednesday, a contrite Mr Musk apologised to both and said he was exhausted from working more than 110 hours per week last quarter.

His $5.5 billion Greenlight Capital lost 18.3% in the first half of 2018, he told investors in a letter Tuesday. "Hope you accept my apologies".

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Tesla is scheduled to report its second quarter earnings on Wednesday after the closing bell.

For the company to become profitable, Musk has set new goals to produce 6,000 Model 3s per week by the end of August, and yet another lofty goal for next year to reach 10,000 Model 3s per week.

Musk also tweeted that developer applications must show prior work and that he's looking for games with "max playability & creativity".

Tesla is focusing on increasing production of its affordable Model 3 electric vehicle. Tesla also emerged with Dollars 2.2 billion in cash and equivalents; this should help Musk in raising funds in the coming quarter.

Cash from Model 3 sales is key to holding off more borrowing.

"At 7,000 cars a week, we believe we can be sustainably profitable", he said.

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Thus far, Tesla has only produced higher-cost versions of the Model 3, starting at about $49,000.

Last month, Tesla opened up reservations for the closely-watched Model 3, allowing new buyers of pricier models to jump ahead of those who had ordered base models of the vehicle two years ago.

The electric vehicle company founded by billionaire Elon Musk reported an adjusted net loss of $717 million for the period on revenue of $4 billion. That was worse than Wall Street estimates.

During a conference call with analysts, Musk said late Wednesday he expects Tesla to report profits in all future quarters as long as the USA economy remains strong.

The company cut its spending forecasts last quarter and Tesla has begun to lay off 9 per cent of its workforce.

Tesla management has previously predicted that it would turn a profit sometime in the third quarter.

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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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