Electric car maker Tesla achieved its goal of producing 5,000 Model 3 vehicles per week by the end of its second quarter in June, but saw its biggest net loss to date.
The net loss of $717.5m (£547.6m) more than doubled that from the same period last year, and was slightly larger than the first quarter loss.
Tesla went through $739.5m (£565.2m) in cash last quarter to reach its production objectives.
But investors were encouraged by the auto company reaching its Model 3 targets and shares surged 9.3% in after-hours trading.
On the conference call accompanying the results, Tesla chief executive Elon Musk said he expected the company to avoid going back to the markets for capital and to be "essentially self-funding on a go-forward basis".
The company would use money generated from sales to fund big projects such as the $2bn (£1.5bn) new factory in China and another plant in Europe, he said.
In a statement released after the markets closed, Tesla said it expects to produce 50,000 to 55,000 Model 3s in the third quarter, an increase of around 75% from the first quarter.
Tesla said production was rising and a goal of 6,000 cars per week by the end of August had been set.
The company said it expects to reach 10,000 Model 3s per week "sometime next year".
Mr Musk also apologised for being rude to two analysts on last quarter's results conference call.
At the time, he called their queries about the company's cash needs and Model 3 orders "so dry" and "not cool".
The call triggered a stock sell-off and raised questions about Mr Musk's behaviour.
More from Elon Musk
He explained he had been tired from working more than 110 hours per week last quarter. "It's not right," he told an analyst from RBC Capital Markets.
"Hope you accept my apologies."
Electric car maker Tesla achieved its goal of producing 5,000 Model 3 vehicles per week by the end of its second quarter in June, but saw its biggest net loss to date.
The net loss of $717.5m (£547.6m) more than doubled that from the same period last year, and was slightly larger than the first quarter loss.
Tesla went through $739.5m (£565.2m) in cash last quarter to reach its production objectives.
But investors were encouraged by the auto company reaching its Model 3 targets and shares surged 9.3% in after-hours trading.
On the conference call accompanying the results, Tesla chief executive Elon Musk said he expected the company to avoid going back to the markets for capital and to be "essentially self-funding on a go-forward basis".
The company would use money generated from sales to fund big projects such as the $2bn (£1.5bn) new factory in China and another plant in Europe, he said.
In a statement released after the markets closed, Tesla said it expects to produce 50,000 to 55,000 Model 3s in the third quarter, an increase of around 75% from the first quarter.
Tesla said production was rising and a goal of 6,000 cars per week by the end of August had been set.
The company said it expects to reach 10,000 Model 3s per week "sometime next year".
Mr Musk also apologised for being rude to two analysts on last quarter's results conference call.
At the time, he called their queries about the company's cash needs and Model 3 orders "so dry" and "not cool".
The call triggered a stock sell-off and raised questions about Mr Musk's behaviour.
More from Elon Musk
He explained he had been tired from working more than 110 hours per week last quarter. "It's not right," he told an analyst from RBC Capital Markets.
"Hope you accept my apologies."
