Tesla reported a loss of US$717.5 million, or US$4.22 per share, for the second quarter ended June 30, compared with a loss of US$336.4 million, or US$2.04 per share, a year earlier. Despite this, the company has reiterated CEO Elon Musks promise to post a profit in the third and fourth quarters.
The overall performance pleased investors enough to send Tesla stock up more than 11 percent in after-market trading, where it topped out above $330 per share.
In the next quarter, Tesla expects to produce 50,000-55,000 Model 3 vehicles - an increase of up to 92 percent from the previous quarter. On an adjusted basis, Tesla lost $3.06 per share, missing the consensus estimate of $2.92.
Positive signs that might have contributed to the optimism among investors is that the company's cash burn slowed down, from $745.3 million in the first quarter to $739.5 million, in the second one. The call triggered a stock sell-off and raised questions about Musk's behavior.
Tesla claimed automotive revenue of approximately $3.4 billion in Q2 2018, and when its energy offerings were lumped in, that figure was closer to $4 billion - beating Thomson Reuters' forecast and setting another company record.
Excluding items, Tesla reported a loss of US$3.06 per share.
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There are usually plenty of reasons for Tesla owners to look forward to software updates, but those who are also retro gaming fans have even more reason to look forward to the next one. "Honestly, I think there's really no excuse for bad manners, and I was kind of violating my own rule in that regard".
Bannon said that when he joined Tesla, employees considered many options, including Nvidia graphics cards, and said they talked with people at Arm, whose technology is used in chips from Qualcomm (QCOM) and other companies.
"We aim to increase production to 10,000 Model 3s per week as fast as we can", Musk wrote in the Wednesday letter, though he offered no estimated timeline. "That said, significant progress has been made in the last few months, and GA3 is now expected to reach a production rate of 5,000 per week very soon".
The company ended the quarter down $300 million in cash to a total of $2.2 billion.
After quietly upgrading its semi-autonomous driving suite, Autopilot, almost a year ago, Tesla has been working hard on its next-generation hardware.
Tesla management has previously predicted that it would turn a profit sometime in the third quarter.