Musk says Tesla will make up to 1 million cars by 2020

Musk made his remarks in a call with analysts after reporting a loss of $520 million last quarter, twice as much as the first quarter, but also much higher revenue. The share price got an immediate boost and during the call rose above $331.95 a share, from $300.84 at the market's close.

• Musk said he does not expect he will move to sell more shares to raise money for his aggressive ramp up.
• But he said he will borrow money from Chinese banks to build a factory in Shanghai.

In terms of the production surge, Musk said he expected the company's current two U.S. factories to pump out about 600,000 cars by 2020, and to add about 200,000 cars in Shanghai. He said the production between the three factories could rise to as many as 1 million.