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).
British officials and space scientists said Tuesday they were disappointed but not deterred after the first attempt to launch satellites into orbit from the U.K. ended in failure.
The small coastal town of Montecito, California -- home to celebrities like Oprah Winfrey, Prince Harry and Meghan Markle and Rob Lowe -- has been evacuated as a result of extensive flooding in the area and surrounding canyons after more than eight inches of rain fell in just 12 hours on Monday.
Virgin Orbit's "Cosmic Girl," a retrofitted Boeing 747 plane, is scheduled for a horizontal launch into orbit Monday night from the United Kingdom's Spaceport Cornwall.
