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COMING UP:Share Opener Variant 1

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Transcript

00:00:01
>> Yeah, I'd like to apologize for being impolite on the prior call. Obviously, I think there's really no excuse for bad manners.>> That's Tesla's CEO, Elon Musk, apologizing to analysts on Wednesday for his bad behavior on the last earnings call. When he said quote, these questions are so dry, they're killing me.
00:00:20
His apology, in an upbeat quarterly conference call, helped push up Tesla shares by 16% on Thursday. And Musk said the electric car maker aims to be profitable and cash flow positive for every quarter going forward, unless it has to pay back a big loan or faces some big unforeseen event.
00:00:39
In its second quarter results, the electric car maker said it expects to produce up to 55,000 Model 3 Sedans in the next quarter, after hitting its weekly production target of 5,000 last month several times. And it says it wants to double that rate as fast as it can.
00:00:56
Reuters correspondent, Alexandria Sage.>> I think what most people are looking for is some kind of consistency with the Model 3 production. It is true that in giving a rate of 50 or 55,000 model 3s produced in the third quarter that would be slightly below the target of 5,000 Model 3s per week.
00:01:19
However, I think given the fact that Tesla believes it can make them with a positive growth margin and that it foresees some consistency within its production. I think that's what has cheered a lot of investors here.>> Musk has been under intense pressure to deliver good production numbers for the new sedan, which has faced a host of manufacturing hiccups over the last year.
00:01:43
Musk adding that a new factory that Tesla is planning to build in Shanghai will help the company increase it's production volume. He said funds for that will likely come from local bank loans and would cost about $2 billion, significantly less than some media reports predicted.