Shares in Tesla soared over nine percent in after-hours trading on Wednesday despite the record $717.5 million loss for the second quarter.
Despite the $3.06-per-share loss, Elon Musk reassured investors on an analyst call and said: “We believe we can be sustainably profitable from Q3 onwards.”
“From an operating plant standpoint, from onwards I really want to emphasize our goal is to be profitable and cash flow positive for every quarter going forward,” he added.
According to the Musk, the group had also achieved a “mind-blowing leap forward” in vehicle production. The car manufacturer reported a production of 53,339 vehicles in the quarter and delivered 40,768.
Tesla is now aiming to achieve a production goal of 6,000 vehicles per week by August. By the end of the year, the group hopes to manufacture 10,000 per week.
In an unlikely move by Musk, apologised for the comments made on the previous analyst phone call where he accused Wall Street analysts of asking “boring bonehead questions.”
“I’d like to apologize for being impolite on the prior call,” he said. “There’s no excuse for bad manners.”
The company has made headlines over this year due to various outbursts and controversies from Musk.
Musk and the chief financial officer, Deepak Ahuja, wrote in the shareholder letter: “It took 15 years to execute on our initial goal to produce an affordable, long-range electric vehicle that can also be highly profitable.”
“In the second half of 2018, we expect, for the first time in our history, to become both sustainably profitable and cash flow positive.”
Shares in Tesla (NASDAQ: TSLA) are currently trading up 0.91 percent at 300.84 (0952GMT).
