Elon Musk says sorry, starts acting like a real CEO

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Last quarter, Musk dismissed analysts who asked questions about Model 3 reservations and other financial matters during the quarterly conference call. The company probably will use "essentially a loan from the local banks" in China to fund a new factory it's building in Shanghai, he said on the call.

This quarter, not only was Musk's tone non-confrontational, but he apologized to both analysts.

Musk also tweeted that developer applications must show prior work and that he's looking for games with "max playability & creativity". Previously, he insulted some analysts - turning off investors and shareholders, and knocking $2 billion off the company's market cap. This quarter, Tesla hit its 5,000-car-per-week production goal "multiple times" in July-meaning it's not hitting this rate consistently.

Tesla spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June.

"I don't mean refi-ing them, I mean paying them off", he said."There's a convert that's coming due soon - a couple hundred million, $900 million, something like that - we expect to pay that off with internally generated cash flow, and still have a healthy cash balance".

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Furthermore, the Model 3 is behind schedule, and investors are concerned consumer infatuation won't hold.

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. Adjusted for stock-based compensation, the company lost $US3.06 per share. Tesla projected total 2018 capital spending at just below $US2.5 billion. That's substantially less than the 2017 level of $3.4 billion. That was worse than Wall Street estimates.

Tesla burned through about $740 million during the three months ended in June, a better showing than the roughly $900 million analysts were expecting.

Tesla's upcoming Version 9 software is expected to include several key improvements to the company's Autopilot driver-assist system.

During the second quarter, Tesla laid off 9 per cent of its workforce as it worked toward Mr Musk's promise of making money. Last quarter, the company kept stockholders happy by mitigating losses and promising profitability in the third and fourth quarters.

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