Teslas second-quarter loss exceeded expectations for Musk: end-of-year production of Model 3 in Shanghai

category:Finance
 Teslas second-quarter loss exceeded expectations for Musk: end-of-year production of Model 3 in Shanghai


However, Teslas performance in the second quarter was still lower than Wall Streets judgment, according to the New York Times. Analysts expect a loss of $127 per share and revenue of $6.5 billion, according to FactSet. In fact, both values are lower than expected. Consumer News and Business Channel CNBC reported that some analysts said the second quarter Tesla earnings data was very depressing for the company.

Despite Teslas failure to meet analystsexpectations, CEO Elon Musk confidently said that Tesla expected to achieve balance of payments in the third quarter and net profit in the fourth quarter based on GAPP. In addition, Tesla reduced its estimated capital expenditure this year from $2 billion to $2.5 billion to $1.5 billion to $2.2 billion.

We think Tesla is in a state of self-financing, Musk said in a conference call after the release of the earnings report.

At the same time, Tesla also faces many problems.

According to the New York Times, Erik Gordon, a business professor at the University of Michigan who focuses on Tesla, said that Model 3 does not achieve a profitable combination of sales and prices, adding that investors have to worry about profitability.

In terms of mobility, Tesla is facing a wave of blood exchange. According to the New York Times, Tesla said that its chief technical officer, J.B. Straubel, would step down and become a senior consultant to the company, previously overseeing Teslas vehicle engineering and technical design, while Drew Baglino, Teslas vice president of technology, would take over the position. Meanwhile, two of Teslas top manufacturing and technology executives, Peter Hochholdinger and Steve MacManus, recently left the company. Among them, MacManus was successfully dug by Apple. During the conference call, Musk looked ahead to the future. He said that in the coming year, he would continue to focus on launching new automotive and energy plans, further expanding manufacturing operations and continuing to improve customer service. He also said that overseas, Tesla will focus on international expansion, expecting to start production of Model 3 models at Shanghai plants by the end of this year, and confirm the location of European plants by the end of this year. Source: Wang Xiaowu_NF, Responsible Editor of Peng Mei News