Tesla slows cash burn as Musk's Model 3 production picks up

Tesla Inc. burned through less cash than analysts expected last quarter and stood firm with Chief Executive Officer Elon Musk’s projection that profit is around the corner after years of losses.

BY BLOOMBERG NEWS

Free cash flow was negative USD 739 million for the three months ended in June, Musk wrote in a letter to shareholders Wednesday. Analysts were projecting Tesla would go through about USD 900 million during the period, after burning more than USD 1 billion in three of the previous four quarters. Its shares surged after the close of regular trading.

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