More cash will be burned on setting up the proper infrastructure for the Model 3, Tesla's first mass-produced vehicle.
The results include the effect of Tesla's acquisition of SolarCity effective beginning November 21 through December 31, 2016. Analysts had been looking for revenue of $2.61 billion and a loss of $0.77 per share.
Despite a Yahoo Business March 30 average quarterly earnings estimate of a loss of $0.82, or $133 million, by the 17 Wall Street analysts that cover the Silicon Valley icon, Tesla booked a stunning loss of $330.3 million, or $2.04-per-share. Revenues grew to $2.7 billion, up from the $1.1 billion posted during the same period a year ago. He said Tesla expects to launch the Model Y sport/utility vehicle based off the Model 3 by 2020, or perhaps late 2019, and that the semi-truck prototype Tesla plans to unveil this fall will use the Model 3's motor and other components, to further lower costs. The company is also expected to reveal the final production version of the Model 3 in July.
A part of its Model 3 launch preparation, Tesla said it plans to add almost 100 retail, delivery and service locations globally, representing a 30% increase in facilities. This is not surprising as Tesla is investing heavily on Model 3 production, its charging network, and massive battery factory in Sparks, Nev.
Tesla said it was planning to add 100 new retail, delivery and service locations across the world.
Meet Jelly, the world's smallest '4G Android smartphone' with Android 7.0
Jelly is manufactured by Chinese company Unihertz, but will ship worldwide to interested parties for $59 a pop in three colors. The Jelly phone project is now running on Kickstarter, but already reached its funding goal within an hour.
Tesla previously announced that it will double the number of "superchargers" available to owners.
Electric auto maker Tesla's first-quarter loss widened 17 percent to $330 million as it ramped up spending ahead of the launch of its Model 3 sedan and its growing solar energy business.
Tesla, Inc. (NASDAQ:TSLA) was up +1.76% ($5.44) to $314.07 and showed a volume of 4.47 mln shares. Cash burn was the second most in the company's history, behind only the final period of previous year. Hope that Tesla is on its way to becoming a mass-market EV maker cranking out a million-plus cars per year at high margins, and fear that the company won't make good on Elon Musk's very ambitious promises. The Silicon Valley-based automaker last month became the most valuable US carmaker by market capitalization, pulling ahead of Detroit's auto heavyweights Ford Motor Co and General Motors Co.
"All eyes are on the Model 3, and reaffirming the July guidance is great", said Joe Dennison, associate portfolio manager of Zevenbergen Capital Investments in Seattle.
"Either Model S demand is getting hit by a pause in front of the Model 3 (less negative) or the Model 3 reservation list is inflated with orders that will not convert when the true identity of the vehicle is discovered (more negative)", Erickson wrote in a note.
Trump says he's willing to consider raising gas tax
This would benefit many middle-income taxpayers and simplify the code by encouraging more people not to take itemized deductions. Authorities are scouring a Dallas neighborhood for a suspect after a paramedic and a civilian were shot.
Tesla shares fell less than 1 percent to $308.60 in after-hours trading.
Breitbart News noted that Tesla, Inc.
Model 3. Image source: Tesla.
"For the time being, investors remain hypnotized by Tesla's CEO", Einhorn said.
Puel praises former pupil Hazard after Chelsea defeat
But it is still very much Chelsea's title to lose given their advantage with six games left to play. Despite his concerns, however, the Italian said Chelsea would have plenty in the tank.