Tesla Inc’s net loss widened to $740 million in the second quarter, as it spent heavily to remain a leader in electric vehicles. Tesla said it expected another quarterly loss as it ramps production of its first mass-market car, the Model 3. Tesla reported a $784.6 million net loss for the three months ended June 30 compared with a loss of $336.4 million in the same period last year, surpassing analyst expectations for a loss of $600 million, according to Thomson Reuters I/B/E/S

Tesla Inc’s net loss widened to $740.0 million in the second quarter, as it spent heavily to remain a leader in electric vehicles.

Tesla Inc’s net loss widened to $740.0 million in the second quarter, as it spent heavily to remain a leader in electric vehicles.

The company said on Wednesday its cash balance at June 30 was $2 billion, down from $3 billion at the end of March. It ended the quarter with about $8 billion in debt and obligations of about $9 billion including options and warrants on which it could owe money if exercised by others.

Tesla said it expects capital expenditures for 2019 to be about $2 billion higher than previously guided due to new product development costs related to Model Y crossover vehicle production launch later this year; Gigafactory 1 expansion activities; tooling for Model 3 production capacity increase; and continued investments in Tesla Energy products (Powerwall 2/Powerpack 2).

Tesla said it expected another quarterly loss as it ramps production of its first mass-market car, the Model 3.

Tesla Inc’s first mass-market car, the Model 3, began production in July. The company said it expected another quarterly loss as it ramps production of its first mass-market car, the Model 3.

Tesla said on Wednesday it would remain cash flow positive with Model …