Tesla shares jumped more than 10 percent Thursday after the company reported earnings for the second quarter.
Investors seemed to cheer the fact that the electric automaker burned through less cashー$739.5 million in Q2 compared to $1 billion the quarter beforeーand that CEO Elon Musk behaved himself: the billionaire began the earnings call by apologizing to analysts for his ["bad manners"](https://cheddar.com/videos/elon-musk-combative-with-analysts-may-have-a-point?utm_source=All+Subs&utm_campaign=5c55c38d33-EMAIL_CAMPAIGN_2018_08_01_06_20&utm_medium=email&utm_term=0_4b7ac66387-5c55c38d33-121269037) three months ago, which accelerated after-market gains in the stock.
Other positives from Tesla's earnings: the company said it expects to manufacture more than 6,000 of Model 3s a week by the end of the month and that most factories would be able to produce 10,000 cars a week by the end of the year.
That would be a big step toward achieving profitabilityーMusk has said that sustained production of the Model 3 is essential for increasing cash flow and cutting losses. The company ended the quarter with about $2.2 billion in cash on its balance sheet, suggesting it has just enough to get through the year.
Still, Tesla did post a bigger loss than expectedー$3.06 a share versus an estimated $2.92ーand Musk acknowledged the company would need to raise capital to fund its planned expansion to Shanghai.
In all, the company produced more than 53,000 carsーModel 3s, Model Ss, and Model Xsーduring the second quarter, and delivered almost 41,000 vehicles. It also took a restructuring charge for cutting its workforce by 9 percent.
For more on this story, [click here](https://cheddar.com/videos/tesla-stocks-rise-after-earnings-report).
Google could be gearing up to release its own wearable device as rumors swirl about a potential smartwatch with the Pixel brand. Jon Prosser, the creator of Front Page Tech, who tweeted a possible leak about the product, joined Cheddar's "Closing Bell" to discuss potential the benefits of it entering the same space as the Apple Watch. Prosser said, while he doesn't expect it to launch until at least 2023, the Pixel Watch will be "one of the most vital, most important wearables that we can have on the market," noting that it won't likely challenge Apple for much market share but will set the standard for other Android wearables to come.
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Seth Schachner, Managing Director StratAmericas; Digital Business Executive joined Cheddar's Opening Bell to discuss.
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