Tesla just reported the biggest loss in its history

As a result, electric car company reported a net loss of £548 million ($717.5 million) for its latest financial quarter, despite cranking out more vehicles than ever before. However, investors were buoyed by the news that Tesla still holds £1.6 billion ($2.2 billion) in cash reserves -- enough to keep building cars without borrowing more. CEO Elon Musk also pledged to post a profit later this year, as he set the firm the ambitious new goal of producing 10,000 Model 3s each week by next year. Tesla has cut back on capital spending by changing its strategy to produce the sedan on existing assembly lines – one of which is protected from the elements using a giant tent outside the factory – rather than adding all-new lines. Shares jumped 9.3 per cent to £328.85 ($328.85) in after-hours trading.