Hyperdrive
Tesla Slows Cash Burn as Musk's Model 3 Production Picks Up
- Second-quarter results ease concerns about capital needs
- CEO reiterates expectation for profit in the second half
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Tesla Inc. burned through less cash than analysts expected last quarter and stood firm with Chief Executive Officer Elon Musk’s projection that profit is around the corner after years of losses.
Free cash flow was negative $739 million for the three months ended in June, Musk wrote in a letter to shareholders Wednesday. Analysts were projecting Tesla would go through about $900 million during the period, after burning more than $1 billion in three of the previous four quarters. Its shares surged after the close of regular trading.