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).
An FDA panel has recommended the low-dose Pfizer vaccine for kids ages five to 11. The recommendation now cues up the FDA to authorize the vaccine. Next week, the CDC will consider its own authorization. Once signed off by the CDC, the Pfizer vaccine can be administered in children immediately. Dr. Christina Johns, Senior Medical Advisor at PM Pediatrics, joined Cheddar's Search for a Cure.
Dr. Vivek Cherin, Internal Medicine Physician at Amita Health, joined Cheddar's Search for a Cure to break down what we need to know about eligibility and availability of COVID-19 vaccine boosters.
World leaders will converge this weekend at the 2021 G20 Summit in Rome and the UN COP26 conference in Glasgow with the climate crisis on the agenda. Lord Adair Turner, chair of the Energy Transitions Commission, joined Cheddar to discuss what people can expect to come out of the climate-focused conferences. Turner also noted that one of the biggest hurdles for the attending nations will be coming to a uniform decision on expanding on the Paris Climate Accord goals that have become insufficient to prevent global warming by 1.5 degrees celsius.
Nicole Lambert, President at Myriad Genetics joins ChedHER to discuss how to expand access to genetic testing for all women, and how her experience as a 'pre-vivor' motivates her role in the industry.
Carlo and Baker cover Facebook's big rebrand, the latest on Biden's economic agenda and more. Plus, ranking the best Halloween candy and the worst couple's costumes.
Proptech startup Juno recently raised $20 million in a Series A funding round. The company says the funds will be used to further its mission of building sustainable and affordable apartment buildings across the United States. Juno Co-Founder and CEO Jonathan Sherr joined Cheddar News' Closing Bell to discuss.
Stacey Stevens, President of iCAD, joins 'Cheddar Innovates' to discuss how 'Profound A.I. Risk' works as a short-term breast cancer risk estimation for women.
On this episode of 'Cheddar Innovates': President of iCAD breaks down how its technology is being used as a short-term breast cancer risk estimation for women; A look at Curiosity Stream's 'The Science of Thrills.'
Pharmaceutical company Merck has announced that it will share the formula of its COVID-19 pill with poor countries free of charge. The company still intends to charge wealthier nations leaving the end cost at more than $700 per five-day treatment course.
Dems race for a deal on President Biden's economic agenda ahead of his big foreign trip. What to make of the latest threat assessment in Afghanistan. Plus, the meme cryptocurrency of the moment that's now worth more than many Fortune 500 companies.
