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).
Heila Technologies, a startup that develops hardware and software to integrate renewables and batteries on a microgrid, is helping to power the first clean energy microgrid for Auto Mercado, a top supermarket chain in Costa Rica. The plant will reduce 20 tons of CO2 emissions per year. Heila Technologies CEO Francisco Morocz joins Cheddar Climate to discuss.
The U.S. has a million-ton problem: each year, hundreds of pounds of plastic waste are produced per person, and that leads to close to 2 million tons of that waste leaking into the environment. Eight million tons end up in the ocean, where it hinders marine life, damages ecosystems, and impacts industry. But in recent years, Congress has introduced measures including the Save our Seas act to try to mitigate the issue and turn our plastic problem around. Sen. Chris Murphy (D-CT) joins Cheddar Climate to discuss why the U.S. is the top global polluter of plastic, what Congress is doing to try to fix the issue, and more.
Daniel Huppmann, researcher at International Institute for Applied Systems Analysis, joins Cheddar Climate, where he explains how the global economy could be 2% bigger by 2100 if the world can hold global warming below 1.5°C.
While the World Health Organization strongly advises against a COVID-19 vaccine mandate, national and local governments are moving to make inoculations compulsory. Cheddar News speaks with Dr. Joel Zinberg of the Competitive Enterprise Institute on the issue.
Cheddar breaks down the challenges of plastic recycling and what one company is doing to help offset the negative environmental impact of single-use plastics.
Earlier this year, JetBlue flew its inaugural flight into the United Kingdom. It was a game changer — not only did the airline enter the transatlantic market, but the plane that completed the flight was a single-aisle jet. For decades, flying the distance was synonymous with jumbo jets, but today narrow-body aircraft are now proving they are up for the task — and maybe even the best option. In this episode, Cheddar examines why airlines are betting on narrow-body aircraft.
Carlo and Baker discuss the sweeping new vaccine mandate in NYC that will target all private businesses. Plus, Trump's media venture gets its CEO and more.
Humans are scientifically the most successful species in the history of planet earth. And for this we can thank our opposable thumbs, proportionally large brains, and our upright posture. But for all our anatomical wonders, we still have some pretty major flaws.
