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 cover the latest developments with the Omicron variant, and break down what we know and what we still don't. Plus, a relatively tame Black Friday, and more.
Dr. Amesh Adalja, an infectious disease specialist and senior scholar at Johns Hopkins Center for Health Security, joined Cheddar to discuss the nations joining in on a travel ban against several African nations after South Africa reported the emergence of the omicron variant of COVID-19 currently worrying health experts. Adalja also added his own voice to the World Health Organization's objection to the travel ban at this time. "When you do a travel ban, you basically waste a lot of resources implementing the travel ban, you give people a false sense of security when the virus is likely already outside of the area of the travel ban, and then you punish countries like South Africa." He noted that South Africa should be praised for its transparency and not punished with restrictions, an act he thinks will lead to a chilling effect among other nations sharing data freely.
Blue Origin is gearing up for its next launch, set to blast off on December 9th. Michael Strahan is one of the six crew members who will snag a seat on the the New Shepard rocket. Jim Cantrell, CEO and co-founder at Phantom Space, joins Cheddar News to discuss.
Donald Pettey, Program Manager for Strategic Initiatives for MassDOT, and Mohammed Siddiqui, Vice President of Public Relations at Ko-Solar, join Cheddar Climate, where they discuss their plan to test highway barriers that absorb sound and solar energy, with construction expected to begin in the first half of 2022.
Over 100 world leaders signed on to a pledge at the United Nations COP26 climate meeting with the aim of ending and reversing deforestation by 2030. Leaders agreed to conserve forests and ecosystems, support developing countries on deforestation prevention, and more. Rod Taylor, Global Forests Director at the World Resources Institute, joins Cheddar Climate to discuss the pledge, whether it will have a significant impact, whether 2030 is a suitable deadline, and how we can verify if forests are actually being protected.
President Joe Biden's "Build Back Better" bill could mean cheaper electric bicycles and scooters as the nation attempts to shift away from gas-powered cars. Noa Banayan, the director of federal affairs at PeopleForBikes, joined Cheddar's "Closing Bell" to provide some background on the E-Bike Act included in Biden's reconciliation bill that would provide tax credits for qualified purchases. "We want to make sure, from the bike industry's perspective, that this is a technology and a product that is available to the majority of Americans who want to lower their carbon footprint and get around town faster and do everything that they would normally do in a short car trip but by bike, because it's healthier, it's fast, it's efficient, you're not in traffic," she said.
It's being called the next big trend in crypto. A decentralized autonomous organization, or DAO, is an internet community of different types of groups and businesses. The purpose is to allow people to commit funds to a specific cause in a safe way. Now, one social platform is creating a do-it-yourself kit for those who want to step into the space. Upstream Collective just launched the beta mode of its platform with the goal of putting all facets of running a DAO in one place. Alex Taub, co-founder and CEO of Upstream, joins Cheddar News to discuss.
A NASA spacecraft that will deliberately crash into an asteroid is preparing to launch this week. The goal of the DART mission, or the Double Asteroid Redirection Test, is to hit the smaller of the two asteroids, Dimorphos, with the spacecraft at about 15,000 miles per hour and see how the impact changes the asteroid’s trajectory. Joey Roulette, space reporter at The New York Times, joins Cheddar News to talk more about it.
NFL Hall of Famer and "Good Morning America" host Michael Strahan will be able to add space travel to his list of accomplishments as he prepares to launch into orbit with the next Blue Origin mission.
