Tesla reported its Q1 2018 earnings today, posting adjusted losses of $3.35 per share with revenues on $3.4 billion. This is beat, as analysts expected Tesla to report a loss of $3.48 a share with revenues of $3.22 billion.
Tesla ended Q1 with $2.7 billion in cash. In September 2017, Tesla stock hit a record high of $389.61 a share. At market close today, Tesla was trading at $301.15. In after-hours, Tesla is trading around $304.
Tesla also provided some updates to its Model 3 production, noting it hit 2,270 cars produced per week for three straight weeks in April.
“Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the US, and our deliveries continue to increase,” Tesla CEO Elon Musk and CFO Deepak Ahuja wrote in a letter to investors. “Consumers have clearly shown that electric vehicles are simply more desirable when priced on par with their internal combustion engine competitors while offering better technology, performance and user experience.”
Analysts, regulators and customers alike have been paying close attention to Tesla over the past few months. In March, a Tesla owner died following a car crash that involved the Model X’s Autopilot mode.
In April, after cooperating with the National Transportation Safety Board for the investigation, the NTSB removed Tesla as a party. That’s because the NTSB was unhappy with the way Tesla released information pertaining to the crash to the public.
“The NTSB took this action because Tesla violated the party agreement by releasing investigative information before it was vetted and confirmed by the NTSB,” the NTSB wrote in a press release. “Such releases of incomplete information often lead to speculation and incorrect assumptions about the probable cause of a crash, which does a disservice to the investigative process and the traveling public.”
Meanwhile, Tesla CEO Elon Musk admitted to over-automouting the production of Model 3 cars. That admission came following Bernstein analysts Max Warburton and Toni Sacconaghi arguing Tesla was overusing automation in the final production of Model 3 assembly.
In April, Tesla said it was able to double the weekly Model 3 production rate over Q1 “by rapidly addressing production and supply chain bottlenecks, including several short factory shutdowns to upgrade equipment.” Though, Tesla did miss its first quarter production target of 2,500 cars per week. By the end of Q2, Tesla is targeting a Model S production rate of 5,000 cars per week.