Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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.

Go deeper

Updated 27 mins ago - World

2 Americans accused of helping Ghosn escape in Japanese custody

Former Nissan chair Carlos Ghosn during a news conference in Jounieh, Lebanon, last September. Photo: Hasan Shaaban/Bloomberg via Getty Images

Two Americans accused of helping former Nissan chair Carlos Ghosn flee Japan in a box in 2019 were taken into Japanese custody after arriving at an airport near Tokyo Tuesday, per the Wall Street Journal.

Why it matters: The extradition of Michael Taylor, 60, a private security specialist and former Green Beret, and his son Peter Maxwell Taylor, 27, ends a months-long fight to remain in the U.S.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.