Tesla Motors announced that it delivered 6,457 Model S electric sedans in the first quarter, slightly more than it had previously announced, and remains on track to deliver more than 35,000 cars this year.
While that exceeded the average of seven analysts’ estimates, it was less than the highest estimate, for sales of as much as 6,600 Model S cars.
In Q1, Tesla produced a record 7,535 Model S sedans for global delivery. Despite record production, car maker also said it lost $49.8 million, or 40 cents a share, on revenue of $620 million. After adjustments, Tesla said it earned 12 cents a share on sales of $620 million.
The automaker posted net income of $11.3 million, or 10 cents a share, on revenue of $555 million during the same quarter last year.
Tesla Motors reported a gross profit of $155 million, but a $44 million operating loss when accounting for R&D and sales and administrative expenses.
In its earnings release, Tesla said it expects to deliver 7,500 units next quarter, and deliver 35,000 Model S sedans this year. Battery cell supply currently is crimping production, a situation the automaker hopes will be resolved by the third quarter.
Tesla said it is expanding factory capacity to support increased production of the Model S as well as the forthcoming Model X, and will “kick off construction” of the Gigafactory later this year. Tesla is now making nearly 700 cars a week at its Fremont factory, but plans to ramp up production to 1,000 cars a week by the end of the year.
The Palo Alto company is also bullish about the market in China. “Our entry into China has been greeted enthusiastically,” wrote CEO Elon Musk in a letter to shareholders. “We plan to expand in China as fast as possible because we believe the country could be one of our largest markets within a few years.”
