Tesla Reports First Quarter Results

Electric car maker Tesla reported a new quarterly production record of
15,510 vehicles in the first quarter of 2015, up 10% from the fourth quarter.

The company said total revenues were $1.14 billion for the quarter, up from $939.8 million a year ago. The company reported a net loss of $282.2 million.

Q1 Model S production of 12,851 vehicles met plan, but Model X production of 2,659 vehicles was insufficient to meet the company’s projected level of
deliveries.

Tesla said it has received 325,000 pre-orders for the Model 3 which equals $14 billion in potential sales. Delivery of the Model 3 won’t begin until late 2017.

The company expects to produce 20,000 vehicles in the second quarter, up 30% sequentially.