Tesla burns through $739.5m in cash as Model 3 production takes its toll


Tesla has burned through $739.5 million in cash as it attempts to ramp up output of its Tesla Model 3 sedan after months of production line woes.

Analysts were expecting the company to go through about $900 million for the three months ended in June after burning more than $1 billion in three of the previous four quarters.

The electric car maker reported a loss of $717.5m in the second quarter. Revenues rose to $4bn in the three months to June 30, up from $2.7bn in the same period in the previous year.

Analysts suggested Tesla would need to raise additional funds before the end of the year. However, the company said it could be profitable before the end of 2018. 

The company said it lost $4.22…

Facebook Comments