Tesla posts better than expected revenue in Q2

Tesla posted $2.79 billion in revenue for Q2, beating Wall Street's estimates, as deliveries of its high-end all-electric Model S sedans and sports utility vehicle Model X continued to grow.

The Silicon Valley carmaker said it lost $336.4 million, or $2.04 a share, in the quarter, compared with a loss of $293.2 million, or $2.09 a share, in the year-ago period. The company, however, reported overall growth in its operations, which include its automotive business and its solar-panel division.

Tesla's shares rose as much as 5 percent in after market trading. Since the start of the year, Tesla shares have gained 52 percent, as investors anticipate the launch of its first car for a more mainstream consumer- Model 3. Tesla may experience some fluctuations in production rates, Elon Musk said, but “people should have zero concerns” about the company’s ability to increase production of the new offering.

The company expects to produce a little over 1,500 Model 3 cars next quarter, reaching 5,000 cars a week by the end of the year. At some point in 2018, the company wrote in its earnings report, Tesla hopes to produce 10,000 cars a week.

This past quarter, Tesla produced a total of 25,708 Model S and X cars and delivered 22,026.