Musk, 47, has been adamant that Tesla won't need to raise more capital this year, an outlook Wall Street has doubted after the company repeatedly pushed back manufacturing targets for the Model 3. "Having achieved our 5,000 per week milestone, we will now continue to increase that further, with our aim being to produce 6,000 Model 3 vehicles per week by late August".
Tesla experienced "production hell" involving the Model 3, but has stabilized its production and finally saw positive gross margins.
Last quarter, Musk mistreated two analysts by calling their queries about the company's cash needs and Model 3 orders "so dry" and "not cool". Musk talked publicly about the chip for the first time in December at a company event.
Musk offered his apologies directly to Toni Sacconaghi from Bernstein and Joseph Spak of RBC Capital Markets, the analysts he brushed off in May.
Tesla's second-quarter financials are out, and things are looking OK, but next quarter is when things will get truly interesting.
Wednesday's earnings report also comes as Musk has faced scrutiny for recent erratic behavior.More news: Anthony Martial issues statement after leaving Manchester United's pre-season tour prematurely
But the company has a track record of missing its goals, and there remain big questions around Tesla's ability to scale production and compete with electric cars from other vehicle manufacturers. With low cash reserves, investors have anxious that Tesla would need to borrow more money to keep the company afloat.
"The chips are up and working, and we have drop-in replacements for S, X and 3, all have been driven in the field", Bannon said. "That said, significant progress has been made in the last few months, and GA3 is now expected to reach a production rate of 5,000 per week very soon". "The popularity of Model 3 is a true testament to the product".
The Fremont factory is expected to build approximately 50,000-55,000 Model 3s in Q3. Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion. That's substantially less than the 2017 level of $3.4 billion. Analysts polled by Bloomberg expect the company to report an adjusted loss of $2.90 per share on revenues of $2.974 billion.
Excluding items, Tesla reported a loss of $2.45 per share, compared with expectations of a loss of $2.92.
Tesla has begun to lay off 9 percent of its workforce as it tightens spending.
Tesla management has previously predicted that it would turn a profit sometime in the third quarter.