Net loss attributable to common shareholders for the April-June quarter amounted to $717.5 million, or $4.22 per share, which was more than some analysts expected. The stock climbed about 4 percent in after-hours trading.
The results marked a critical moment for a $50 billion company long believed to be on the brink.
"By all available evidence, the company has had a hard year", Einhorn wrote about the automaker in his letter, which was published by the finance blog Zero Hedge.
Tesla ended the second quarter with US$2.78 billion in cash after spending US$609.8 million in quarterly capital expenses. Mr Musk then took the first two questions from two analysts he was harshest with last quarter - Sanford C Bernstein's Toni Sacconaghi and RBC Capital Markets' Joseph Spak - and offered personal apologies.
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He explained he had been exhausted from working more than 110 hours per week last quarter. Negative free cash flow of roughly $740 million was less than Wall Street feared. But the company burned through only about $430 million of its cash on hand, leaving it with $2.8 billion in its reserves. The stock has slumped 19 per cent since a 2018 high of $370.73 in June.
Tesla CEO Elon Musk said the company will start rolling out "breakthrough" features to its semi-autonomous Autopilot software in around four weeks during the company's second-quarter earnings call on Wednesday. It now says production is rising, with the goal of 6000 per week by the end of August. Musk and CFO Deepak Ahuja admitted that even production of the auto was plagued with problems; Tesla launched a new production line in a massive tent, shuffled its worker base, and worked round the clock to hit the 5,000-Model 3s-a-week target. Tesla still hasn't made any $35,000 base model cars available.
As production increased, stronger sales of the Model 3 - a vehicle that's seen as critical to Tesla's plans for future growth - helped the company close the second quarter with $2.2 billion in cash. He also said that production efficiencies should rise as more Model 3s are built, and he said that he expects to make to around 750,000 vehicles in calendar year 2020.
Einhorn also said that he was pleased his Tesla lease had ended and that he was excited to get the I-Pace, which is Jaguar's first electric SUV and powers Waymo's fleet of self-driving taxis.