Tesla stock surged as much as 13% Wednesday evening after a quarterly earnings call in which Musk apologized on three separate occasions, including personally saying sorry to two Wall Street analysts he'd berated on the previous quarter's conference call.
"There are reasons for it in that I'd gotten no sleep, and been working sort of 110-hour, 120-hour weeks", Musk continued.
Musk also tweeted that developer applications must show prior work and that he's looking for games with "max playability & creativity". "It's not right", he told an analyst from RBC Capital Markets. "Come Q3, we may even be able to see the end of the tunnel, or Elon's "Production Hell". The company is also planning a new factory in China that will require significant funding, which the company says it will raise through local debt.
Tesla said that during July it had hit an earlier goal of building about 5,000 Model 3s per week "multiple times", and reiterated a target of producing 6,000 per week by late August.
Furthermore, the Model 3 is behind schedule, and investors are concerned consumer infatuation won't hold.
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Now that the company finally hit the target, it's reviving a goal to make 10,000 a week sometime in 2019.
Cash from selling the Model 3, which starts at $35,000 but runs far higher with options, is key to holding off more borrowing and turning a profit.
The company said it has cut back on capital spending by changing its strategy to produce the Model 3 on existing assembly lines, one in a giant tent, rather than adding all-new lines. Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion. That's substantially less than the 2017 level of $3.4 billion.
The Palo Alto, California, company said it lost $US4.22 per share from April through June as revenue grew 43 per cent to just over $US4 billion. The CEO carried out a reorganization last quarter and announced that 9 per cent of the company's workforce would be dismissed.
Excluding items, Tesla reported a loss of $2.45 per share, compared with expectations of a loss of $2.92. The company has never turned an annual profit and has had only two profitable quarters since becoming public in 2010.