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).
Floodwaters receded in Vermont cities and towns pummeled by a storm that delivered two months of rain in two days, enabling people to focus Wednesday on recovering from a disaster that trapped residents in homes, closed roadways and choked streets and businesses with mud and debris.
Schools in New Delhi were forced to close Monday after heavy monsoon rains battered the Indian capital, with landslides and flash floods killing at least 15 people over the last three days. Farther north, the overflowing Beas River swept vehicles downstream as it flooded neighborhoods.
Even Southwestern desert residents accustomed to scorching summers are feeling the grip of an extreme heat wave smacking Arizona, Nevada, New Mexico and Southern California this week with 100-degree-plus temps and excessive heat warnings.
