It took Tesla some time to hit its goal of producing 5,000 Model 3s a week, but Elon Musk's car company is apparently ready to ramp up production in a big way.
In its second quarter earnings report Wednesday, the electric automaker said it expects to manufacture more than 6,000 of the mass-market vehicles a week by the end of the month, and 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. Musk has said that sustained production of the Model 3 is essential for increasing cash flow and cutting losses. Though Tesla posted a bigger loss than expected for the quarter ー $3.06 a share versus an estimated $2.92 loss per share ー the company burned through $739.5 million, less than the $1 billion it lost at the start of the year.
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.
Shares of Tesla were up more than 4 percent after the report.
For more on this story, [click here](https://cheddar.com/videos/tesla-stocks-rise-after-earnings-report).
AI technology is increasing health awareness from the comfort of your smartphone. Cheddar News dives deep into how selfies can track health vitals.
Alina Hauptman, a communications strategist at the Best Friends Animal Society, joined Cheddar News to discuss how pets can actually give a boost to your mental health.
Michele Power, a meteorologist for News12, said that one explanation for this "parade of storms," at least in the United States, is a phenomenon called the "atmospheric river,:
Cheddar News explains how the way you brew coffee could contribute to global warming.
The beginning of the year is critical for those in need of blood transfusions as people tend to stop donating during the holidays. The winter in general also experiences a dropoff as donors get sick more frequently.
Dry January doesn't have to mean sober January — at least for the 21 percent of participants turning to cannabis or CBD to make it through the month.
SpaceX launched its Falcon 9 rocket to bring a powerful GPS satellite into orbit for the U.S. Space Force.
Moderna is applying for regulatory approval for its RSV vaccine, which it says has shown to be effective against the respiratory virus.
UN Secretary-General António Guterres on Wednesday called out ExxonMobil for withholding highly accurate predictions about the impact of climate change.
A new study has found that most Americans think it is okay to put tap water in medical devices such as humidifiers and neti pots, but experts say this is unsafe.
