Tesla Posts Record $717 Million Net Loss In Second Quarter, Stocks Rise 5%

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Electric car manufacturer Tesla posted its biggest loss in company history in the second quarter, booking a net loss of $717.5 million, according to multiple media reports.

The company said it finished the second quarter with $2.78 billion in cash, and vowed to turn profits in the third and fourth quarter of 2018 – a promise previously made by CEO Elon Musk.

Shares rose 5 percent in after hours trading at that promise, according to Reuters.

 

Read more at The Hill.

{Matzav.com}

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