Tesla burns $739.5 million in cash on way to record 2Q loss

STL.News



Electric car maker Tesla Inc. burned through $739.5 million in cash last quarter, paving the way to a company record $717.5 million net loss as it cranked out more electric cars.

But CEO Elon Musk pledged to post net profits in future quarters, and on a conference call, he apologized to two analysts he cut off on the company’s first-quarter call. Telsa’s shares jumped 9.3 percent to $328.85 in after-hours trading.

The net loss more than doubled from the same quarter a year ago, and was slightly larger than the first quarter.

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