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Tesla revenue hit nearly $4 billion in the second quarter, but losses totaled $520 million, the company announced Wednesday.
Tesla reported an adjusted loss of $3.06 per share. Wall Street was expecting the company to report an adjusted loss of $2.92 on revenue of $3.92 billion.
The company’s letter to shareholders says it aims to produce 6,000 Model 3 sedans a week by late August, and up to 55,000 of the sedans in the third quarter. Model 3 gross margins will rise to 15% in the third quarter and to 20% in the fourth quarter, Tesla said in the letter.
“We aim to increase production to 10,000 Model 3s per week as fast as we can,” the letter said. “We believe that the majority of Tesla’s production lines will be ready to produce at this rate by end of this year, but we will still have to increase capacity in certain places and we will need our suppliers to meet this as well. As a result, we expect to hit this rate sometime next year.”
The company repeated that it intends to hit GAAP profitability in Q3 and Q4. Also, the company it has a $2.2 billion in cash.
The the full letter here.