Tesla lost $717 million but vows to make a profit next quarter

Tesla reported another big loss for the second quarter. But it burned less cash along the way to ramping up production of its “bet the company” electric sedan, the Model 3.

The $717.5-million loss was larger than analysts had expected, slightly higher than the previous quarter’s $709-million loss and more than double the $336.4 million loss in the same quarter a year earlier. The company reiterated its intentions to achieve profits in the third and fourth quarters and beyond.

Tesla said its operating cash flow improved from negative $784.6 million in the first quarter to a negative $742.7 million in the second.

“Going forward, we believe Tesla can achieve sustained quarterly profits, absent a severe force majeure or economic downturn, while continuing to grow at a rapid pace,” the company said in its quarterly letter to investors.

Read the entire article at LAtimes.com