For Tesla investors hoping that the electric vehicle maker would inch closer to profitability this past quarter, we have bad news for you: Elon Musk's company missed profit expectations, but still delivered some good news on the revenue side.
Tesla reported a loss of $1.33 per share on $2.7 billion in revenue in the first quarter of 2017, compared with analyst predictions for a $0.82 cents per share lost on $2.61 billion in revenue. However, the company appears to be on the right course, with first-quarter EV deliveries hitting a record of more than 25,000, putting it on track to achieve its target of delivering 47,000 to 50,000 in the first half of the year.
In a letter to investors, Tesla said it would begin production of the $35,000 Model 3 in July and expressed hopes that it will manage to produce 5,000 vehicles per week by the end of the year, and then boost the quota to 10,000 per week in 2018. The company also wrote that its energy generation and storage business is well-positioned for faster growth in the latter part of the year, adding that it plans to start manufacturing solar roofs before the end of June, without announcing pricing.
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