Tesla Reports $3.4 Billion in Revenue

Electric car maker Tesla reported revenues of $3.4 billion in the fiscal first quarter of 2018 and a net loss of $784.6 million.

The company says it is experiencing bottlenecks in its Model 3 sedan production but hopes to reach output of 5,000 cars per week in two months. It has only been producing 2,270 cars per week in recent weeks.

In the first quarter, Tesla says it produced 24,728 Model S and X and 9,766 Model 3 vehicles, and delivered 21,815 Model S and Model X vehicles and 8,182 Model 3 vehicles, totaling 29,997 deliveries.

Net reservations for the Model 3 sedan remain at over 450,000 according to the company.

During Q1, Tesla opened nine new store and service locations, resulting in 339 locations worldwide at the end of the quarter.

Last quarter, Tesla also opened 77 new Supercharger locations for a total of 1,205 Supercharger stations and more than 9,300 stalls worldwide.

The company still has $3.2 billion in cash on hand, which is down $700 million from the last quarter.

 

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