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tesla electric car


Tesla quarterly revenues have more than doubled helped by higher deliveries of its upmarket vehicles but its losses also grew.

The electric car-maker reported revenue of almost $2.8 billion in Q2 2017, up from $1.3 billion during the same period last year.

Losses increased to $336 million, compared with $293 million in 2016.

However, investors were encouraged by Tesla’s prospects and shares rose by more than 8% in after-hours trading.

Tesla, which also has a solar energy division, said about $2.3 billion in revenue during the quarter came from the company’s automotive unit – roughly the same as in the previous quarter, but 93% higher than the same period in 2016.

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However, Tesla’s costs, including for research and development and sales, also rose contributing to the 15% rise in its losses for the quarter.

Tesla is preparing to ramp up car production, as it rolls out its most affordable car yet for the mass market.

The company told shareholders it expects revenue to grow “significantly” in the second half of the year, while expenses hold steady.

Tesla delivered more than 47,000 of its earlier high-end Model S and Model X cars in the first half of 2017, growth of more than 50% from the prior year.

Since Tesla rolled out its latest car, Model 3, last week, it is averaging more than 1,800 reservations for the car a day, it added.

Tesla hopes to make 5,000 of the Model 3 cars per week by the end of 2017. It hopes to eventually make more than 500,000 a year at its Fremont factory – or almost 10,000 per week.

Tesla has unveiled its lowest-cost vehicle to date, Model 3 electric car.

The price and range of the five-seater should make Model 3 appealing to new types of customers and could boost interest in other electric cars.

Tesla CEO Elon Musk said his goal was to produce about 500,000 vehicles a year once production is at full speed.

Photo Tesla

Photo Tesla

The company needs the new car to prove popular if it is to stay in business.

The first deliveries of Model 3 are scheduled to start in late 2017, and it can be ordered in advance in dozens of countries.

The basic model will start at $35,000 and have a range of at least 215 miles per charge.

In 2015, Tesla delivered 50,580 vehicles. Most of those were its Model S saloon, which overtook Nissan’s Leaf to become the world’s best selling pure-electric vehicle.

However, Tesla still posted a net loss of $889 million for 2015, partly because it spent $718 million on research and development over the period.

It left Tesla with cash reserves of $1.2 billion, down from $1.9 billion a year earlier.