Tesla shares rise despite biggest quarterly loss yet
- 6 years ago
American carmaker Tesla has reported its biggest quarterly loss yet of 717-and-a-half million dollars.
The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter last year.
But Tesla shares actually rose by about 4 percent on speculation it will turn profitable before the year's end.
Tesla is focusing on increasing production of its affordable Model 3 electric car.
Founder Elon Musk said that by the end of August, the company will crank up Model 3 production to 6-thousand cars a week, and 10-thousand a week starting next year.
The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter last year.
But Tesla shares actually rose by about 4 percent on speculation it will turn profitable before the year's end.
Tesla is focusing on increasing production of its affordable Model 3 electric car.
Founder Elon Musk said that by the end of August, the company will crank up Model 3 production to 6-thousand cars a week, and 10-thousand a week starting next year.