Electric vehicle maker Tesla has racked up a record $717.5 million net loss in the second quarter of 2018, twice the previous year's number.
While the electric auto maker has failed to generate profit for yet another quarter, the trend has not apparently discouraged the market, with Tesla stock gaining 11 percent and trading at $334.18 per share after the statement was released.
Tesla is focusing on increasing production of its affordable Model 3 electric auto.
Tesla is planning to increase Model 3 production to 6,000 per week for the next few quarters and then reach 10,000 per week "as fast as we can".More news: Ferrari set to 'unleash' after break
In its last production call in early July, Tesla had barely made its goal of producing 5,000 of the cars a week by the end of June-and that for only a week and by the skin of the company's new tent that houses the car's second production line.
Excluding items, Tesla reported a loss of US$3.06 per share.
During today's call, Musk apologized to both analysts.More news: Promoting voter ID, Trump says ID needed to buy groceries
The company laid off nine percent of its workforce in the second quarter as it attempted to become profitable. The stock was down 3.4 per cent through Wednesday's session.
Tesla said Wednesday that it had burnt less cash than expected during the second quarter and was nearing profitability, a long-doubted goal for the beleaguered automaker racing to boost production of its all-electric cars. That leaves the company with $2.2 billion cash compared with $3.3 billion at the end of 2017.
We're adding a "party & camper mode" soon to S/3/X, so your auto can maintain air flow, temp, selective lights, music & power devices for 48 hours or more while parked. "We expect to generate positive cash including operating cash flows and capital expenditures", Tesla said in a statement. Margins went from nearly flat to 15 percent, still a ways off the 25 percent mark that CEO Elon Musk has called for. In Q2, the company delivered 18,449 Model 3 vehicles, up from 8,182 last quarter.
Tesla also said it's working on a new version of its Autopilot semi-autonomous software that will have greater safety features.More news: Colombian cartel puts $90K bounty on star sniffer dog's head
Musk also stated that Tesla was hiring video game developers to build games which integrate with the Tesla's touchscreen, the driver's smartphone, and the auto itself.