Thomas Peter/Reuters
Tesla lost over $717.5 million in its second quarter this year, more than double the amount lost in the same period last year, the company announced Wednesday. But CEO Elon Musk, in a conference call with analysts and investors, promised that the company would be “cash-flow positive for every quarter going forward,” a pledge that was apparently convincing enough to send stock up more than 10 percent in extended trading. While the electric car maker acknowledged burning through $430 million to meet a production target of 5,000 Model 3 sedans, it said it ended the quarter with more than $2.2 million in cash. Despite some concerns among investors that the company will need to borrow more funds to keep production going, Tesla also said it expects to be able to double production of the Model 3 vehicles “sometime next year.”