Tesla said it had $4 billion of cash on hand as it headed into the second quarter and expects year-to-date capital expenditures to be slightly over $2 billion by the time it starts Model 3 production - within its previous targeted range of $2 billion to $2.5 billion.
Tesla has much riding on the Model 3, which could finally make the cash-bleeding automaker profitable.
"We have seen a belief among some that Model 3 is the newest and more advanced generation of Model S.
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