Tesla Earnings: Shares Rise 11% as Musk Apologizes for ‘Bad Manners’

Tesla is now the king of the mid-range cars

Tesla is now the king of the mid-range cars

It said it aims to build them at a roughly 15 percent gross margin in the third quarter, rising to 20 percent in the fourth.

The Tesla Inc chief executive officer began the question-and-answer portion of the carmaker's second-quarter earnings call by atoning for what he called his "bad manners" three months earlier.

The overall performance pleased investors enough to send Tesla stock up more than 11 percent in after-market trading, where it topped out above $330 per share. His first question came from Bernstein's A.M. (Toni) Sacconaghi, an analyst he butted heads with during the first-quarter conference call.

The second quarter was significant for Tesla in a few key ways.

Tesla's Model 3 is the company's first auto aimed at a broader base of consumers, but the vehicle has faced a number of manufacturing challenges, according to Reuters.

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Just as the flare-up contributed to a smackdown in Tesla's stock in May, Musk's contrite tone this time around contributed to today's real-time rise in prices.

I'd like to apologize for being impolite on the prior call.

Tesla said it expects to increase Model 3 production to 6,000 per week this month, buoying expectations that the electric vehicle maker will meet its goal of profitability and positive cashflow in the next two quarters.

Model 3 production woes have been nearly legendary at Tesla. Tesla also emerged with Dollars 2.2 billion in cash and equivalents; this should help Musk in raising funds in the coming quarter.

"No production target is more important than sustained quality, which is why every vehicle we produce goes through a thorough set of measurements and tests before it reaches the customer", it said. During the same quarter a year-ago, Tesla saw its Q2 revenue hit $2.79 billion while posting a loss of $1.33 per share. Investors on Wall Street, meanwhile, were anticipating revenue to fall somewhere in the $3.791 billion range and a loss of $2.90 per share.

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The warning will remain in place between 2pm today and 2am on Saturday morning. The company also cancelled thousands of day trip tickets to ease congestion.

Tesla also said it was working on a new version of its Autopilot semi-autonomous software that would have greater safety features.

Tesla's improved revenues helped the bottom line, but were offset by expenditures for severance pay after the company laid off 9 percent of its workforce in June and by expenses incurred in building the new assembly line, among other things.

Einhorn also said that he was pleased his Tesla lease had ended and that he was excited to get the I-Pace, which is Jaguar's first electric SUV and powers Waymo's fleet of self-driving taxis.

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

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