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Tesla narrowed its net loss to $408 million in the second quarter, as the electric carmaker offset lower vehicle margins with cost reductions, but managed to set a record for quarterly deliveries.

Why it matters: Though an improvement over losses a year ago and last quarter, the Silicon Valley company missed analysts’ predictions of an adjusted loss of 35-cents a share — instead losing $1.12 per share — sending Tesla shares down more than 8% in after-hours trading on Wednesday.

The big picture: After a $2.4 billion capital raise, Tesla said it ended the quarter with $5 billion in cash, the biggest sum in its history. That liquidity is important as it prepares to launch Model 3 production in China later this year and Model Y production in the U.S. in 2020.

  • Tesla said it is aiming to make a profit in the current quarter, but its main focus will be to increase volume, expand capacity and generate cash.

Go deeper: Tesla is mirroring Detroit's worst habits

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,193,661 — Total deaths: 716,735 — Total recoveries — 11,611,029Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,918,927 — Total deaths: 160,737 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Trump: "We are going a different way" on coronavirus aid

President Trump. Photo: Jim Watsonn/AFP via Getty Images

President Trump tweeted on Friday that his administration is "going a different way" with coronavirus aid after negotiations with congressional Democrats stalled again, suggesting he will use an executive order to address stimulus spending.

What he's saying: "Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!" Trump tweeted.

Trump's swift, sweeping China offensive

Illustration: Aïda Amer/Axios

President Trump's rhetoric on China has tended to run hotter than his actions — until now.

Why it matters: Even at the height of Trump's trade war, his administration never hit China as hard, as fast, and on as many fronts as it is right now.