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).
Nearly a day after being downgraded from a tropical storm, Ophelia still threatened parts of the Northeast on Sunday with coastal flooding, life-threatening waves and heavy rain from Washington to New York City, the National Hurricane Center said.
Surgeons have transplanted a pig’s heart into a dying man in a bid to prolong his life – only the second patient to ever undergo such an experimental feat. Two days later, the man was cracking jokes and able to sit in a chair, Maryland doctors said Friday.
Tropical Storm Ophelia formed off the mid-Atlantic coast and was expected to bring heavy rain, storm surge and windy conditions over the weekend, the National Hurricane Center said Friday.
A storm churning in waters off the eastern U.S. has increased to tropical storm strength and is forecast to reach the North Carolina coast Friday morning, the National Hurricane Center said.
