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).
President Biden's self-imposed deadline of making booster vaccines available for all Americans is today, but with the U.S. Food and Drug Administration only approving the boosters for senior citizens, it doesn't look like he can make that deadline. The nation's top infectious disease expert Dr. Anthony Fauci defended both positions, saying that the deadline was more of a placeholder and that he also stands by the FDA's decision.
Dr. Jen Caudle, family physician and associate professor at Rowan University, joined Cheddar's Opening Bell to discuss more on the booster shot and Pfizer's vaccine for young kids.
26 states have now fully vaccinated more than half of their population with Vermont, Connecticut, and Massachusetts fully vaccinating at least two-thirds of their residents. These three states are among the ones with the lowest new Covid-19 cases per capita, but in states with low vaccination rates, hospitals are filling up again.
Dr. Rob Davidson, ER doctor and executive director of Committee to Protect Health Care, joined Cheddar's Opening Bell to discuss more.
Gas prices are expected to rise ahead of Labor Day weekend, with millions of people hitting the road and Hurricane Ida disrupting the nation's oil and gas industries. Chris Williams, CEO of CW Petroleum Corp, joined Cheddar to discuss the rise and fall of gas prices, plus what his company plans to do to adapt to the uptick in electric vehicles.
