Tesla posts record $717 million net loss in second quarter

Electric car manufacturer Tesla posted its biggest loss in company history in the second quarter, booking a net loss of $717.5 million, according to multiple media reports. 

The company said it finished the second quarter with $2.78 billion in cash, and vowed to turn profits in the third and fourth quarter of 2018 – a promise previously made by CEO Elon Musk.

Shares rose 5 percent in after hours trading at that promise, according to Reuters. 

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The company said that it had met its stated goal of manufacturing 5,000 Model 3s in a week multiple times in July, adding that it hoped to stick to its stated target of making 6,000 per week by the end of August.

Tesla said it would build as many as 55,000 Model 3s in the third quarter, buoying hopes that the company would soon begin to turn a profit – its first in years.

Tesla’s Model 3 is the company’s first car aimed at a broader base of consumers, but the vehicle has faced a number of manufacturing challenges, according to Reuters. 

The company delivered 18,449 Model 3s in the second quarter.