Tesla-the Model 3s revenue jumps

Reuters

Tesla has delivered more of its Model 3 car in the most recent quarter, helping to boost revenue.

Elon Musk’s electric car company has made a turnover of $4 billion in the three months to June, 43% more than in the same period of last year.

The growth came as Tesla has delivered more than 40,000 cars in the quarter, including about 18,000 Model 3s.

However, the company still lost more than $ 700 million in the quarter, which is significantly more than a year ago.

Tesla has spent heavily, as it works on the Model 3, its the last drive of the customer’s hands.

Tesla said he hit his goal to make 5,000 Model 3 sedan, a week of “multiple” times in the month of July, and aimed to produce 6,000 a week at the end of August.

Tesla has said higher Chinese tariffs on US-made cars, imposed as part of a larger business dispute, are likely to hurt sales. But the company has told investors it would shift its attention to Europe and North America “if necessary” to avoid a major impact.

The firm has also cut costs in an attempt to increase profitability, with capital expenditure expected to fall $ 900 million to about $2.5 billion this year.

The company ended the quarter with $2.2 billion of cash and cash equivalents.

Tesla shares rose more than 4% in after-hours trading in New York.