- What’s New
- New Posts
- Best Posts
A record number of deliveries helped Tesla more than double revenue in the first quarter, though it posted greater losses than expected, according to the company’s earnings update.
Vehicle production increased by 64 percent from this time last year, setting a quarterly record of 25,051 deliveries. The company is on track to deliver 47,000 to 50,000 cars in the first half of 2017.
Additionally, the company says it is still on track to begin Model 3 production in July. Tesla aims to produce 5,000 vehicles per week at some point in 2017, increasing to 10,000 vehicles per week at some point in 2018.
Ahead of the Model 3 launch, the company said it plans to add nearly 100 retail, delivery and service locations globally, representing an approximately 30% increase in facilities serving Tesla customers.
As for future models from Tesla, CEO Elon Musk said on the call that the planned Model Y crossover will becoming as early as 2019.
See the full shareholder letter here.