Elon Musk’s Tesla Burned Through $739.5 Million As The Company Posted A Record Quarterly Loss Of $717.5 Million On Wednesday. Nevertheless, The Company Remains Optimistic About Its Future And Claims Model 3 Production Will Climb 75 Percent In The Third Quarter.
Elon Musks electric car company Tesla burned through $739.5 million in cash in its second quarter, resulting in a record $717.5 million net loss.
The company’s net loss more than doubled from the same quarter last year, and was slightly more than the loss in the first quarter of 2018. Despite this, the company has reiterated CEO Elon Musks promise to post a profit in the third and fourth quarters.
The company claims it plans to produce 50,000 to 55,000 Model 3 sedans in the third quarter, an increase of 75 percent from the first quarter. The company began to burn through money as it attempted to reach its production milestone of 5,000 Model 3’s a week. Tesla now says that it expects to produce 10,000 Model 3’s per week by “sometime next year.” – READ MORE
[divider][/divider]Elon Musk was one of the top fifty donors to the House Republican’s “Protect the House” PAC, sending in nearly $40,000, according to Salon.
Other donors sent more than a quarter-million to benefit House Republicans, but many Democrats question Musk’s relatively small donation because of his position on climate change.
Although Musk claims to donate as a type of foot-in-the-door, many Democrats do not see it that way. Some feel it is an abandonment of liberals while others are planning to sell Tesla stock and boycott their products.
Well at least most of his Tesla customers aren’t liberals…oh wait… https://t.co/EprZqN0AQX
— andy lassner (@andylassner) July 14, 2018
Nice to know the person responsible for making electric cars is able to divorce himself from climate change by donating to the very people who deny its existence. I traded my Tesla in last week after my friend’s Tesla caught on fire, so I saved a trip https://t.co/rDqiERd8qt
— Chelsea Handler (@chelseahandler) July 14, 2018
Just sold my @Tesla stock.
— Zach Hunter (@zachjhunter) July 14, 2018
Not every liberal group abandoned Musk, however. The strongest defense came from the climate activists at the Sierra Club. – READ MORE
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