Tesla has announced its first quarter 2018 earnings.
The company posted revenue of $3.408 billion, resulting in a net loss of $3.35 per share. Still, that beats analysts’ estimations of around $3.3 billion in revenue and $3.54 net loss per share. Tesla said automotive sales were up 19 percent year-over-year at $2.74 billion, while its energy business saw 92-percent growth to $410 million. Although gross profit from automotive improved compared to last year to 19.7 percent, it’s down from 27.4 percent a year prior.
Still, Tesla is adamant it will be profitable on a GAAP basis by as soon as next quarter, if it’s able to reach its goal of making 5,000 Model 3 vehicles per week. The automaker believes it will hit that mark “in about two months.”
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Production of the Tesla Model 3 reached 2,270 units in seven days in April. It marked the third straight week of production over 2,000 units. A total of 8,182 Model 3 vehicles were delivered in the first quarter of 2018, while it produced 9,766 units.
For this quarter, Tesla said it will shut down production for a total of 10 days “to address bottlenecks across the lines and increase production to new levels.” Model S and Model X deliveries as expected to be similar to the first quarter of 2018, but will ramp up in the third quarter. Tesla still plans on hitting its goal of 100,000 deliveries in 2018.