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Photo: picture alliance / Contributor/Getty Images

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

Super typhoon Surigae explodes to Cat. 5 intensity

Super Typhoon Surigae seen on satellite imagery Saturday morning east of the Philippines. (CIRA/RAMMB)

Super Typhoon Surigae surged in intensity from a Category 1 storm on Friday to a beastly Category 5 monster on Saturday, with maximum sustained winds estimated at 190 mph with higher gusts.

Why it matters: This storm — known as Typhoon Bising in the Philippines — is just the latest of many tropical cyclones to undergo a process known as rapid intensification, a feat that studies show is becoming more common due to climate change.

Updated 4 hours ago - Politics & Policy

What we know about the victims of the Indianapolis mass shooting

Leaders of the Sikh Satsang of Indianapolis participate in an interview addressing their grief. Photo: Jon Cherry/Getty Images

Law enforcement in Indianapolis have identified the eight people killed in Thursday's shooting at a FedEx facility.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.

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