David Garrity discusses second-quarter results and outlook for Tesla Inc. He speaks on “Bloomberg Daybreak: Australia.” (Source: Bloomberg)
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TSLA Turns In Mixed Quarter On Adjusted Basis, CEO Elon Musk Continues To Face Challenges
After the close, TSLA modestly disappointed investors with 2Q18 results (revs $4bn (estimate $3.99bn) vs. prior year $2.77bn (+44% yr/yr), adjusted loss per share of -$3.06 (estimate -$2.88) vs. prior year -$1.33 (-130% yr/yr)). While the company indicated it should hit a Model 3 production rate of 6,000/week by late August 2018, the visibility on funding sources appears uncertain as TSLA will look to an outside partner for its projected $5bn investment in a China assembly plant. Separately, TSLA is being accused by former SolarCity workers of inflating its sales numbers and CEO Elon Musk continues to have a contentious relationship with the institutional investment community.