Moody's Investors Service said Thursday it still expects Telsa will need to raise about $2 billion in new capital this year, a day after Chief Executive Elon Musk told analysts on the company's earnings call that he does not want to do a capital raising. Musk was responding to questions on whether the electric car maker would need to raise capital. Just two weeks ago, he tweeted at The Economist magazine that there would be no capital raising this year. Moody's said Tesla showed progress in sustaining Model 3 weekly production above 2,000 units for three straight weeks, but that the company is still in an "intense "learn-as-they-go" process in reaching its target of 5,000 a week, a gross margin of 25% and breakeven cash flow. "We continue to expect that Tesla will need to raise new capital approximating $2 billion - in the form of equity, convertible notes, or debt - in order cover a cash burn during 2018, and to refund a total of $1.3 billion of convertible debt that matures in late 2018 and early 2019," said Bruce Clark, lead auto analyst and Senior Vice President at Moody's. Tesla shares were down 6.1% in early trade, and are down 9% in 2018 so far, while the S&P 500 has gained 10%.