Tesla continued to lose money last quarter.
Although the American automaker announced its future mass-production, entry-level Model 3, it continued to report a loss. Using generally accepted accounting principles (GAAP), Tesla reported a net loss of $282 million on $1.15 billion in revenue. The company’s automotive revenue came in at $1.03 billion while operating expenses tallied in at $501 million including $83 million in non-cash stock-based compensation.
Now that the company is no longer just about cars, CEO Elon Musk proudly announced that it delivered 2,500 of its home batteries, called Powerwalls during the first quarter. During the earnings call, Musk said that Tesla is aiming to produce 500,000 vehicles per year by 2018, two years quicker than previously scheduled. It also plans on producing at least 100,000 Model 3 sedans by late next year.
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