Tesla's bullish production outlook drives stock higher. Fred Katayama reports.
It's a vrrroom for Tesla. After a strong rollout of Model X sport utility, the company vowed Tuesday to speed up production of its electric cars. That turbocharged Tesla's stock on Wednesday, even though it posted its biggest loss in ten quarters. The electric car maker says it's getting more orders for both the luxury crossover Model X and the three-year-old Model S sedan. And CEO Elon Musk said he sees the company ramping up production rate to several hundred vehicles per week next month. Analysts say they're relieved that orders of the X are not cannibalizing those of the S. Tesla started delivering the Model X Signature series, a premium version of the SUV, in September. It's now working on unveiling a new, mass-market car called Model 3 in March. That car will cost about $35,000 and will be in production in about two years.