Tesla is starting to make money off of the Model 3, but it’s not out of the woods yet

Tesla model 3 first production

Tesla has shared its second-quarter earnings and things are looking good for the electric car manufacturer.

The company posted a record-high $4 billion USD in revenue for its second quarter of 2018.

That wasn’t the only record that the company was able to break. The Model 3 is finally making money after it stumbled through production hell during the beginning of the year.

The new car has been growing steadily for Tesla, which helped the company sell more Model 3s than any competing gas-powered mid-sized premium sedans in the U.S. during Q2.

Tesla announced that during July it hit its 5,000 Model 3s per week at least twice. Since the company has hit the 5,000 car goal it now says that it’s aiming to build 6,000 Model 3s a week by late August.

The company was also producing about 2,000 Model Xs and Model S variants, bringing its maximum production output to around 7,000 cars per week in July.

Overall, Tesla oversaw the production of 53,339 vehicles in Q2. It delivered 40,768 of these cars and 18,449 of them were Model 3s.

In terms of automotive revenue, the company made $3.3 million USD in the quarter, which is a jump of 23 percent over Q1 and a 47 percent increase over Q2 in 2017.

Even though the company has been experiencing growth and success with the Model 3 it’s still running a total net loss of $742 million USD, and of that figure, $717 million is attributed to common stockholders.

Source: Tesla