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The electric auto maker reported wider-than-expected losses of $717.5m in the second quarter compared with a $336.4 million in the same period past year.

The company claims it plans to produce 50,000 to 55,000 Model 3 sedans in the third quarter, an increase of 75 percent from the first quarter.

Tesla Inc. (TSLA.O) burned through less cash than analysts' expected last quarter and stood firm with Chief Executive Officer Elon Musk's projection that profit is around the corner after years of losses. The call triggered a stock sell-off and raised questions about Musk's behaviour.

Beyond operating costs, Tesla has paired down an initial $3.4 billion capital expenditure estimate for the year to a slimmer $2.7 billion.

Excluding items, Tesla reported a loss of $3.06 per share.

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Investors responded very positively: Tesla shares surged as much as 12 per cent in after-hours trading.

Despite a rocky first half - ncluding missed manufacturing targets, a downgrade of its debt and a recent report showing the company took the unusual step of asking suppliers to refund money on payments already made - Tesla's stock has been resilient. But it ended up with $2.2 billion in cash at the end of June. "We like the more muted tone of the company's outlook, with the absence of unnecessary new stretch goals", he explains.

Tesla is one of a few automakers developing self-driving technology, but it stands apart because it's been developing its own silicon for performing artificial-intelligence computations, rather than continuing to rely on systems from ongoing chipmakers like Nvidia (NVDA).

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

Driving the shares higher was a sharp reduction in operating cash-flow losses: from almost $400 million in the first quarter down to just $130 million in the second. "No excuse for bad manners", Musk said, adding that at the time he was working overly long hours on "no sleep".

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Tesla has announced that it will begin producing 6,000 Model 3's each week by the end of August.

"A total vehicle output of 7,000 vehicles per week, or 350,000 per year, should enable Tesla to become sustainably profitable for the first time in our history", Tesla said, "and we expect to grow our production rate further in Q3".

Tesla also said it was working on a new version of its Autopilot semi-autonomous software that would have greater safety features.

Tesla management has previously predicted that it would turn a profit sometime in the third quarter.

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