Tesla shares jump after cash burn worries abate, Musk apologizes to Street

Tesla plans to profitably build up to 55,000 Model S cars in third quarter

"We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", said CFRA analyst Efraim Levy.

In a statement released after the markets closed Wednesday, Tesla said it expects to produce 50,000 to 55,000 Model 3s in the third quarter, an increase of at least 75 per cent from the first quarter. In his crosshairs is hedge fund manager David Einhorn, who said his wrong bet that Tesla stock would fall was a big reason for his fund's poor performance in the second quarter. Analysts expected a loss of $2.92 per share on revenue of $3.92 billion.

The outspoken Musk, who told analysts last quarter that he refused to answer their "boring" questions, apologized multiple times on Wednesday during a post-earnings call for his past behavior.

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

And, Q2 figures were still an improvement from the $1.05 billion loss in Q1.

Pakistan cricket legend turned opposition stalwart Imran Khan claims victory
The former global cricket star Imran Khan promises a "new Pakistan " as he claimed victory in the country's general election. Khan in his victory speech had also said that better relations between Pakistan and India would be "good for all of us".

To Joseph Spak of RBC Capital Markets-another target of the CEO's temper last quarter-Musk added, "That was not right, and I hope you accept my apologies".

Tesla pulled out all the stops to finally hit that goal at the end of June, flying in a production line from Germany on a cargo plane, adopting an around-the-clock schedule and erecting a massive tent to house another assembly line in the parking lot of its California plant. Many analysts have questioned how long he can stay insistent, citing lingering doubts that the company can sustain higher Model 3 production levels and afford to pay off some of the liabilities looming on its balance sheet. 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 said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion.

On Twitter, Elon Musk asked for developers to consider joining Tesla to make games optimized for its vehicles. Tesla is renewing the target even as Musk and Ahuja tout having "significantly cut back" on spending projections.

Tesla has begun to lay off 9 percent of its workforce as it tightens spending.

Tesla has done an excellent job of keeping investors on their toes.

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