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).
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Cheddar News checks in with a coast-to-coast forecast of the weather for Monday, Sept. 18, 2023.
The United Nations revised its death toll numbers from the massive flooding in Libya.
Hurricane Nigel has formed in the Atlantic and is expected to intensify in the next 24 hours. Meanwhile, Lee brought rough surf along the U.S.-Canada border but the storm is expected to dissipate by Tuesday.
The United Nations is releasing an updated death toll in the Libya flooding disaster.
Hurricane Nigel has formed in the Atlantic and is expected to intensify in the next 24 hours. Meanwhile, Lee brought rough surf along the U.S.-Canada border but the storm is expected to dissipate by Tuesday.
Cheddar News checks in with a coast-to-coast forecast of the weather for Monday, Sept. 18, 2023.
Yelling that the future and their lives depend on ending fossil fuels, tens of thousands of protesters on Sunday kicked off a week where leaders will try once again to curb climate change primarily caused by coal, oil and natural gas.
Atlantic storm Lee — which made landfall at near-hurricane strength, bringing destructive winds and torrential rains to New England and Maritime Canada — kept weakening Sunday after officials withdrew warnings and predicted the storm would disappear early this week.
