The hidden message in Tesla’s earnings call

Tesla, the American electric vehicle manufacturer, reported earnings yesterday. And although losses doubled in the latest quarter, most investors were positive about the results. Tesla’s stock rose 9% in extended trading, after closing Wednesday at $300.84. As I write this, the stock is trading just above $330 a share, up over 11% from yesterday's close.

The positive reception is both because the cash burn in the quarter was lower than anticipated and because of the (always) upbeat outlook the company gave. I think this is make or break time for Tesla. So let me give the numbers highlights briefly and then get into the hidden message of the earnings call.
The numbers

Q2 Cash burn:  $739.5 million. That's down from a quarterly burn rate of about $1.1 billion. I think this is the most imp...

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