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).
Carlo and Baker wrap up another week discussing the latest explosion in new Covid cases in the Northeast, President Biden's stalled agenda and more. Plus, Love, Hate, Ate featuring the question: why did movie dialogue get so hard to understand?
From extreme cold in Texas to devastating wildfires in California to the recent tornadoes in the Midwest, the U.S. experienced a string of severe weather events in 2021. Cheddar News speaks with climate expert Sweta Chakraborty on how these disasters are linked to climate change.
The sports world has been at the forefront of dealing with the pandemic ever since the NBA temporarily halted operations in March 2020 and opted to play in their Florida bubble. As the omicron variant and current COVID surge forces game postponements and player quarantines, how leagues manage to continue operations through the outbreaks could be a sign of what is to come for the general public. Dr. Robby Sikka, chair of the COVID Sports Society Workgroup and a former VP with the Minnesota Timberwolves, joined Cheddar's "Closing Bell" to talk about the ways in which the NBA, NHL, and NFL are innovating amid the disruptions.
According to the CDC, Black women are three to four times more likely to die from pregnancy-related causes than white women. The grim statistic is one of the main reasons why two organizations came together to do something. The Bump and the National Medical Association are partnering to launch The Black Maternal Health hub. The online resource will help expecting mothers feel supported, informed, and empowered throughout pregnancy and the early days of parenting. Jennifer Lee at The Bump and Dr. Rachel Villanueva, a clinical assistant professor of OB/GYN and member of the National Medical Association join Cheddar News to talk about the initiative.
Michelle Egger and Leila Strickland, Co-Founders of Biomilq, join Cheddar Innovates to discuss how their women-led team is recreating the process of milk production outside the body to combine both nutrition and practicality for new moms.
On this episode of Cheddar Innovates: Nucleus CEO breaks down what the future of the genomics industry looks like; Biomilq Co-Founders explains how they are is recreating the process of milk production outside the body to combine both nutrition and practicality for new moms; A look at Curiosity Stream's 'Top Science Stories 2021.'
Kian Sadeghi, Founder and CEO of Nucleus, joins Cheddar Innovates to discuss how he's making genetic analysis more accessible, what our genetic code can teach us about ourselves, and what the future of the genomics industry looks like.
On this episode of Cheddar Innovates: Omorpho Co-Founder explains the innovation driving gravity sportswear; Cool Beans CEO breaks down the science behind 'good mood food;' A look at Curiosity Stream's 'Building The James Webb Telescope.'
