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Tesla reported an adjusted loss of $3.06 per share on revenue of $4 billion. Wall Street was expecting the electric vehicle maker to report an adjusted loss of $2.92 on revenue of $3.92 billion.
The company also reported that it has a cash pile of $2.2 billion, which may alleviate investor concern about the financial stability of the company. In its press release, Tesla set a goal of producing 6,000 vehicles a week by late August.
It further noted that "a total vehicle output of 7,000 vehicles per week, or 350,000 per year, should enable Tesla to become sustainably profitable for the first time in our history -- and we expect to grow our production rate further in Q3."
The company reiterated its target for GAAP profitability in Q3 and Q4, although it gave itself some wiggle room regarding positive cash flow. The company said it expects to "generate positive cash including operating cash flows and capital expenditures, as well as the normal inflow of cash received from non-recourse financing activities on leased vehicles and solar products."
Tesla shares were volatile after-hours, but the stock was up about 3% at 4:28 PM ET.