Tesla expects to hit 6,000/week Model 3 production rate
Tesla expects to hit 6,000/week Model 3 production rate
Former Tesla employee accused of 'sabotage' countersues Ex Tesla employee accused
02 August, 2018, 11:20
Despite Tesla reporting a record loss that doubled to $718 million (546.88 million pounds) in the second quarter, shares jumped as much as 11 percent in after-hours trading, as investors focused on steadier production volumes and a slower rate of cash burn.
Tesla clinched a long-delayed milestone in late June when it announced it had built more than 5,000 of its Model 3 sedans in a week - a pace Musk has said would quickly shephard the company into profitability.
Tesla reported sales of $4 billion, topping analyst estimates, and an adjusted loss of $3.06 a share, which missed them.
The electric auto maker said it will continue to ramp up production of the Model 3, forecasting a weekly rate of 6,000 vehicles by late August.
Elon Musk, 47, the billionaire technology entrepreneur who founded Tesla, believes the Model 3 will spark an electric vehicle revolution.
Tesla said it produced 53,339 vehicles in the second quarter and delivered 18,449 Model 3s.
San Antonio Aquarium recovers shark stolen in baby stroller
In a Facebook post , the San Antonio Aquarium said an employee saw the man take the shark out of the water and alerted management. Authorities say a male snatched it from a petting tank Saturday afternoon before two others wrapped it in a wet blanket .
Watch The Longest Lunar Eclipse Of The Century Here
When the moon is farther away, it orbits Earth more slowly - meaning it will take its time as it passes through Earth's shadow . Later that night, the brilliant orb would become a " blood moon " during the longest total lunar eclipse of the 21st century .
Trump plans to invite Putin to U.S. for new meeting
He added that he would consider a visit to Washington but noted there must be "necessary conditions", without further explanation. Thousands of Moscow citizens participated in protests on Sunday, and the protests featured many anti-Putin chants.
"It's really kind of a mind-blowing leap forward", Mr Musk said on a call with financial analysts.
Tesla recently laid off about 9% of its staff. Musk explained in June that the job cuts were part of a restructuring plan to eliminate "duplication of roles" and added that the layoffs should reduce costs and help the firm on its path to profitability. If the company can hold to its lofty promises of ramping up Model 3 production, and if it does indeed turn a profit and improve margins, Tesla's balance sheet might soon resemble that of a real automaker.
"We aim to increase production to 10,000 Model 3s per week as fast as we can", Musk wrote in the Wednesday letter, though he offered no estimated timeline. "Perhaps it reflects a more cautious Elon Musk". But the company burned through only about $430 million of its cash on hand, leaving it with $2.8 billion in its reserves.
"At 7,000 cars a week, we believe we can be sustainably profitable", he said. He spent more than an hour on this quarter's earnings call taking questions from analysts and journalists.
"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. Analysts have suggested that Tesla will need to raise cash to support the Model 3 and other vehicles in the company's pipeline, but Musk reiterated Wednesday that it won't need to seek additional funds. That's substantially less than the 2017 level of $US3.4 billion.
Tesla also said it's working on a new version of its Autopilot semi-autonomous software that will have greater safety features.
Mumbai Police had earlier posted a video on Twitter with a warning, "Desist from public nuisance or face the music! ". This has actually left the police anxious as the trend is turning out to be deadly with people injuring themselves.
Manafort then used that money to fund what the government terms his " lavish lifestyle " including the purchase of luxury cars. Paul Manafort poses for a mugshot photo at the Alexandria Detention Center in Alexandria, Virgina.
There are around 90,000 people who have been declared as foreigners in Assam as per the government report. Hundreds of thousands fled to India from Bangladesh during its 1971 war of independence from Pakistan.
The "prime minister also reiterated his vision of peace and development in the entire neighbourhood", it added. Eight rival parties rejected the results claiming massed rigging, but said they will take opposition seats.
Chamisa raised fraud allegations on Monday, saying his victory would be assured if rigged ballots were excluded. On Monday, he alleged there was a "deliberate attempt to suppress" voting in urban areas - MDC strongholds.
Revenue from the app store, music subscriptions and other services grew 31 per cent to Dollars 9.5 billion, a record for Apple . While unit sales have slowed recently, the company is building digital services and a suite of other gadgets around the device.
Colombia is one of the world's leading producers of cocaine , with an output of around 910 tonnes per year, according to the U.S. She has found hidden cargo in parts of vehicles, banana boxes and an injection molding machine .
The streets of the capital, Harare, are quiet this morning, following a violent end to the announcement of parliamentary results. Mnangagwa also reacted to the violence on social media, saying: "Now is the time for responsibility and above all, peace".
He said that needed border security reforms included the wall, the visa lottery, catch-and-release policies, and immigration laws. McConnell later told a radio interviewer that a shutdown so close to the November 6 midterm elections won't happen.
He said there were global treaties that can be relied upon to ensure that Mugabe returns to South Africa to face charges. He said if the NPA decided not to prosecute, Afriforum would look at privately prosecuting her.
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Paul Manafort, ex-Trump campaign chief, to begin trial
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N Korea 'making missiles' despite United States thaw
North Korea got respect, trade, and weapons, and now they appear to be going on as if Singapore put no restrictions on them. Experts say the North likely wants a declaration of the end of the Korean War as part of US security assurances.
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Government officials believe North Korea is continuing to manufacture missiles in a facility near its capital of Pyongyang . Trump asserted last week that his administration's plan to dismantle North Korea's nuclear weapons is "going very well".
President claims ID is needed to buy groceries
President Trump boards Air Force One at Andrews Air Force Base in Maryland for a trip to Tampa to attend a rally on July 31. DeSantis is endorsed by Trump and makes no secret of his affection for the president.
Trump willing to shut down government over wall
Trump began his policy of "zero tolerance" this spring, prosecuting all migrants caught entering the USA without authorization. Trump on Monday said he had no "red line" for precisely what he would require from Congress, and he made no comment on timing.
Local gun store owner discusses impact of 3D guns
The complaint also alleges that the Trump administration is violating states' Tenth Amendment rights to regulate firearms. The second measure is meant to ensure that even guns primarily made of plastic can be discovered by metal detectors.
North Korea developing new missiles: WP
Experts say positively identifying the decades-old remains could take anywhere from days to decades. Indeed, North Korea just dismantled a test launching site for liquid-fueled ICBMs days ago .
Ten dead as quake hits tourist island near Bali
Video footage showed ambulances lining the streets of Lombok and many houses damaged with only parts of brick walls standing. The landslides on Rinjani killed an Indonesian student, raising the death toll from the magnitude 6.4 quake to 16.
Cruise Line in the Hot Seat After Killing a Polar Bear
On Saturday, the MS Bremen cruise ship landed on the island and polar bear guards went ashore to survey the land. A 17-year-old Briton died and four other members of the expedition were hurt before the bear was killed.
Crews lament longer fire season that spawns erratic blazes
The family said authorities told them the boy had called 911 from the house, relatives told the San Francisco Chronicle . The firefighters have contained just five percent of the flames so far, though they are working day in and day out.