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'Excuse me, excuse me.

With a record loss of $709.6 million in the first quarter and a $2 billion loss in market value in just one day, Tesla is burning money like there's no tomorrow.

In addition to updating its Model 3 production targets, Tesla also gave quarterly results that came in better than had been expected.

"This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week", the company stated.

Still, many analysts believe Tesla will have to go to the capital markets this year, or in early 2019, to raise cash to keep its operations going.

Palo Alto, California-based Tesla's first-quarter loss widened to USD709.55 million or USD4.19 per share from USD330.28 million or USD2.04 per share past year. But at the same time, Elon Musk didn't elaborate on exactly what the reports will entail, and a representative for the company declined to add any further detail.

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"We have good visibility of our path to fully ramp and stabilsze Model 3 production this year", Musk said.

The CEO confirmed today that they started investing already, but capital expenditure related to Model Y is now low and it won't be significant until next year.

Shareholders seemed to be displeased by Mr Musk's announcement that production of the more affordable Model Y SUV will not start next year, as previously reported, but in 2020.

The company's goal was to be cranking out 5,000 Model 3 vehicles weekly in about two months.

Musk's own compensation is tied to Tesla's stock price.

The continued struggle to ramp up production comes as Tesla is facing a federal investigation into a recent fatal crash involving Autopilot, its driver assistance system, and the voluntary recall of 123,000 Model S sedans announced last week.

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Nevertheless, Musk's tweeted back in mid-April that he expects that eventually, Tesla would strike its long-awaited golden run in the second half of 2018, with positive cash flows ensuring a profitable quarter.

Mr Russell also wanted to know why Tesla was opening up its Supercharger charging station technology and allowing other vehicle companies to use the charging stations installed across the United States too, rather than keeping it a secret. "I think that if people are concerned about volatility, they should definitely not buy our stock".

Automotive revenue rose only 1 percent from the prior quarter to $2.74 billion (roughly Rs. 18,300 crores).

An initial rally after Tesla released a letter from its CEO did not last, and the shares dropped during a unusual and tense conference call.

Musk's update on Tesla's next Gigafactory in China was in line with his statements back in February during the Q4 2017 earnings call. It said net reservations for the Model 3, including configured orders not yet delivered, exceeded 450,000 at the end of the first quarter.

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