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Tesla beat first-quarter earnings expectations after posting a record $3.41 billion in revenue against analysts estimates of $3.22 billion.
First quarter revenue included $2.74 billion from the automotive divsion and $410 million from Tesla Energy products. While revenue from cars increased 19.4% over the same period last year, the energy and battery storage division jumped a meaningful 91.6%. Total revenue was up 26.4% year-on-year.
Still, Tesla’s net loss widened to $784.6 million, more than the $770.8 million loss last quarter and up significantly from the $397 million it lost in the same period last year.
The company said it produced 9,766 Model 3s and delivered 8,182 of the vehicles. The company maintains it will hit a production goal of 5,000 a week by the end of the second quarter. Tesla also expects to deliver 100,000 Model S and X vehicles in 2018.
“If we execute according to our plans, we will at least achieve positive net income excluding non-cash stock based compensation in Q3 and Q4 and we expect to also achieve full GAAP profitability in each of these quarters,” Tesla said in its letter to shareholders. “This is primarily based on our ability to reach Model 3 production volume of 5,000 units per week and to grow Model 3 gross margin from slightly negative in Q1 2018 to close to breakeven in Q2 and then to highly positive in Q3 and Q4. Ultimately, the growth of Model 3 and the profit associated with it will help us accelerate the transition to sustainable energy even faster.”