Photo: Spencer Platt/Getty

Tesla CEO Elon Musk announced the company will be profitable in the last half of the year, and that by 2020 it will produce up to 1 million cars in the U.S. and China, about four times current production. Tesla's share price surged by more than 10% in after-hours trading.

Why it matters: Musk has faced tremendous scrutiny in recent months after numerous missed deadlines and a high cash burn. If reporting in the coming quarters appears to bear out his projections, it is likely to burnish Tesla's image, and could keep the company's already-elevated share price moving up.

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.

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 7 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.