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).
Jeff Bezos’ aerospace company Blue Origin successfully held a fourth civilian launch into space on Thursday. Former NASA Astronaut, Leroy Chiao, joined Cheddar News to talk about the significance of this launch for the future of civilian launches and to discuss the issue of safety. "This is opening space up to more people, raising more awareness, which is good for the entire industry," Chiao said. He also discussed the nature of pricing the tickets for space tourism.
The most popular and most valuable cryptocurrency is also the least eco-friendly - data shows that Bitcoin mining generates the same amount of carbon emissions as the entire country of Thailand. According to nonprofit Fair Planet, 96 million tons of carbon dioxide emissions come from Bitcoin mining every year. Now, a consortium of climate activist groups is calling on the Bitcoin industry to cut its energy use by making changes to its software code. Michael Brune, former executive director of the Sierra Club, joins Cheddar News' Closing Bell to discuss.
A cannabis software startup is offering a first-of-its-kind perk for its employees - reimbursements for legal cannabis purchases. Jointly Better bills itself as an experience-based cannabis wellness tracker and product platform. In an attempt to attract top talent, the company will reimburse up to $150 a month for its workers' lawful cannabis purchases. David Kooi, co-founder and CEO of Jointly, joins Cheddar News' Closing Bell to discuss.
Catching you up on what you need to know on Mar 31, 2022, with updates on Biden's push for more COVID funding, a wave of storms hammering the South, Etsy sellers going on strike, and more.
President Joe Biden has gotten a second booster dose of the Pfizer COVID vaccine, and he used the occasion Wednesday to call on Congress to pass billions of dollars in additional funding to fight the pandemic.
Catching you up on what you need to know on March 30, 2022, with updates on what is happening in Kyiv, the FDA releases plans for a fourth dose of COVID vaccines, COVID subvariant BA.2 becomes dominant variant in the U.S., employees at Conde Nast form a union, and more.
A NASA astronaut is back on Earth after a yearlong, record-setting spaceflight. He caught a Russian ride from the International Space Station on Wednesday with two cosmonauts.
Blue Origin is gearing up for its first launch of the year, set for March 31st, but it's not the only one. NASA is also days away from making history with its first private mission to the International Space Station. Three amateur astronauts, who have each paid about $55 million for their seat, will reach the ISS and spend eight days at the off-earth outpost. Jim Cantrell, CEO and co-founder of Phantom Space, joins Cheddar News to discuss what the future of space tourism may look like.
