Tesla (NASDAQ: TSLA) just reported its largest quarterly loss in its history. In the quarter ended June 30, the electric car company had a net loss of $717.5 million, or $4.22 per share. Tesla recorded a loss of $336.4 million, or $2.04 per share, a year ago. On an adjusted basis, it was a loss of $3.06 per share, higher than the expected loss of $2.92 per share, according to analysts polled by Thomson Reuters.
Tesla reported that its quarterly revenue rose to $4.00 billion from $2.79 billion in the same quarter a year ago. That beat analysts’ estimates of $3.92 billion in revenue. The company burned through $430 million in cash over the three-month period and had $2.2 billion in cash at the end of the quarter.
Tesla also reported that it finally hit production targets for the Model 3 sedan in the second quarter of its fiscal year. The company said it met its goal of making 5,000 Model 3s in a week multiple times in July. Tesla has now ramped up its goal to producing 6,000 Model 3s per week by the end of August.
The Model 3 is Tesla’s first car that’s aimed at a more mass-market audience. The company is currently known as a niche maker of high-end electric vehicles, but the introduction of the Model 3 may change that. While the company delivered 18,449 higher-end Model 3s in the second quarter, it still hasn’t made any $35,000 base model cars available.
Tesla CEO Elon Musk has said that he is confident that the company will turn profits in the third and fourth quarter of 2018. The company expects to produce between 50,000 and 55,000 Model 3s in the current quarter and is aiming to produce 1 million cars per year by 2020. Tesla said it produced 53,339 vehicles in the second quarter and made 40,768 deliveries.