Tesla Inc. TSLA, +1.95% stock rose as much as 11% late Wednesday after the Silicon Valley car maker reiterated profitability projections for the second half while reporting another massive loss.

Adjusted for one-time items, Tesla lost $520 million, or $3.06 a share, compared with $220 million, or $1.33 a share, a year ago. Revenue rose to $4 billion from $2.77 billion a year ago. Analysts polled by FactSet expected Tesla to report an adjusted second-quarter loss of $2.88 a share on sales of $3.99 billion.