U.S.-based electric vehicle manufacturer Tesla has reported a loss of $710 million USD (roughly $914 million CAD) in its first quarter 2018 earnings report.
Tesla reported a revenue of $3.41 billion USD (roughly 4.4 billion CAD).
The company has beat analysts expectations by a slim margin but, they beat them nonetheless.
According to TechCrunch, analysts expected the company to have a report of $3.22 billion USD revenue with stock losses at $3.48 per share. The company reported having a revenue of $3.41 billion and adjusted stock losses at $3.35 per share.
The company still has $2.67 billion USD in cash but that’s down from the $3.37 billion USD that it had at the end of last year.
The company’s stock prices closed out of the market today at just over $301.15 USD. This is much better than the all-time low of $252 from the beginning of April 2018, but still not as high as the $357 that the company was trading at near the end of February 2018.
The company has also made some progress on increasing production of its Model 3 vehicle. Tesla was able to produce 2,270 cars a week for most of April, bringing the company much closer to its 2,500 cars per week goal.
The company is still aiming to hit its 5,000 cars per week production goal by the end of Q2. After it is able to hit that mark, its next goal is to build 10,000 Model 3 vehicle per week.
“Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the US, and our deliveries continue to increase, consumers have clearly shown that electric vehicles are simply more desirable when priced on par with their internal combustion engine competitors,” said Tesla CEO Elon Musk and CFO Deepak Ahuja in a letter to investors.
Tesla also had its highest order numbers ever for the Model S and X. It built 24, 728 of these models and sold 21,815 cars in the first quarter.
While it has been a rough year so far for the company — with an Autopilot-related death and the repeated failure to hit Model 3 production goals — it’s reassuring to see the company growing more than analysts predicted.