Tesla has released its earnings, reporting its biggest loss ever.
In its latest filing, the company reported a net loss of $717.5 million, which translates to a loss of $3.06 per share against $4 billion in revenue. That just slightly beat Wall Street’s expected revenue of $3.92 billion.
As of this writing, Tesla is aiming for a production goal of 6,000 vehicles a week, which it says will move it towards profitability in the next two quarters.
As a result, Tesla?s share price also rose as high as 5.3 percent.
To improve Model 3 production, several unusual moves were made, including the creation of makeshift ?assembly lines? in outdoor locations using tents, as well as a layoff affecting 3,500, or 9 percent of employees. It was also extended a lifeline by the state of Nevada with $1.3 billion to build a Gigafactory to spur economic growth in the region, creating approximately 6,500 jobs.
A new plant in Shanghai, China with a production capacity of 500,000 vehicles has also been signed off on.