Tesla will announce the location of the second super battery factory

Tesla, the US electric car giant, posted a smaller loss than previously expected, with adjusted revenues of $3.41 billion and a loss of $3.35 per share in the first quarter, according to its latest results.

Tesla said its goal was to produce 5,000 Model3 cars a week by July and admitted that it had been difficult to achieve in the past. The data showed that Tesla's weekly production capacity reached 2,270 vehicles in April.

In a conference call after the results were released, chief executive Musk revealed that the location of a second super battery plant, known as "Gigafactory", would be in China by the end of the year.

However, Musk also said there is no need to raise additional funds at this time. Tesla held $2.67 billion in cash at the end of the first quarter, down from the level at the end of last year.

This has caused investors to worry about Tesla's financial situation to some extent, and Tesla's stock price has been shaken. Tesla's shares rose 0.4 % as of the close of the day, but fell more than 6 % in after-hours trading.

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