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It said it aims to build them at a roughly 15 percent gross margin in the third quarter, rising to 20 percent in the fourth.

In the next quarter, Tesla expects to produce 50,000-55,000 Model 3 vehicles - an increase of up to 92 percent from the previous quarter.

The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter previous year. However, the company did still lose money on the whole, working out to an adjusted loss of $3.06 per share, which is a bit worse than Thomson Reuters had estimated.

Positive signs that might have contributed to the optimism among investors is that the company's cash burn slowed down, from $745.3 million in the first quarter to $739.5 million, in the second one. The call triggered a stock sell-off and raised questions about Mr Musk's behaviour.

Beyond operating costs, Tesla has paired down an initial $3.4 billion capital expenditure estimate for the year to a slimmer $2.7 billion.

Tesla reported its largest quarterly loss in its history on Wednesday and burned through $430 million in cash over three months.

Tesla shares climbed more than 9% in after-hours trading.

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When Benitez was asked if he will get the full amount of the Mitrovic fee to spend this summer, he said: "I don't know the numbers".

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.

The company has struggled to deliver the Model 3, which critics have celebrated as a "modern marvel", at a price cheap enough to win over new buyers who have been priced out of Tesla's luxury line.

"Due to the density of the line and the relatively high downtime of the lifters, ramping [main general assembly line] GA3 became substantially more complicated than we had anticipated", the company noted. Tesla also emerged with United States dollars 2.2 billion in cash and equivalents; this should help Musk in raising funds in the coming quarter.

In its second-quarter earnings today, Tesla announced losses of $3.06 on $4 billion in revenue.

"It's really kind of a mindblowing leap forward for a manufacturing company", Musk said.

Tesla said it made 53,339 vehicles in the second quarter and delivered 18,449 Model 3's, totaling 40,768 vehicles.

Einhorn, a short seller who had bet against Tesla's stock, also said he would not renew his own lease on a Model S, blaming touchscreen and window problems. Tesla has never posted an annual profit and has only had two profitable quarters since going public in 2010.


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