{"id":340023,"date":"2017-05-04T04:19:51","date_gmt":"2017-05-03T20:19:51","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1484969"},"modified":"2017-05-04T04:19:51","modified_gmt":"2017-05-03T20:19:51","slug":"teslas-q1-revenue-more-than-doubles-year-over-year-as-model-3-plan-remains-on-track","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/teslas-q1-revenue-more-than-doubles-year-over-year-as-model-3-plan-remains-on-track\/","title":{"rendered":"Tesla\u2019s Q1 revenue more than doubles year-over-year as Model 3 plan remains on track"},"content":{"rendered":"

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Tesla today re-affirmed that the production of its next car, the Model 3, would begin in\u00a0July \u2014 and that the company had $4 billion in cash-on-hand heading into the second quarter this year.<\/p>\n

Both of those are going to be critical as Tesla, which reported its first-quarter earnings today, heads into the back half of the year. The company has gone to market multiple times to raise additional capital, and said year-to-date capital expenditures would be slightly over $2 billion by the time it started Model 3 production.\u00a0With a lower price point, the Model 3 opens Tesla up to a wider market that could help it justify its ballooning valuation.<\/p>\n

Tesla reported a loss of $1.33 per share on revenue of $2.7 billion, while Wall Street expected a loss of 83 cents per share on $2.61 billion in revenue. While it was a wider-than-expected loss, it looks like a pretty ho-hum result for the company as all eyes look toward the later part of the year when the Model 3 production is in full swing \u2014 and whether Tesla will be able to get enough cars rolling out.<\/p>\n

In April, Tesla\u2019s continued rising stock price valued the company more than Ford<\/a>. That came on the heels of the company saying its vehicle production and deliveries rose in the first quarter at a rate faster than what Wall Street expected. Shares of Tesla were largely unchanged today, with the company worth more than $50 billion (still well above Ford).<\/p>\n

In April, Musk\u00a0gave a sort of teaser to a new semi-truck from Tesla<\/a>. The company is also expected to reveal the final production version of the Model 3 in July<\/a>. But the Model 3 is likely still going to be on the top of everyone\u2019s minds, with a $35,000 price tag that\u2019s targeting a market looking for a less expensive\u00a0electric car. (Calling $35,000 less expensive is still, of course, a matter of perspective.)<\/p>\n

Tesla said it still expects to have between 47,000 to 50,000 deliveries in the first half of the year. Though, as the Model 3 begins production, it may face a bit of an optics problem \u2014 where it stacks up against the Model S. Tesla also acknowledged the problem in its earnings report.<\/p>\n

\u201cMoving past Q2, particularly as Model 3 becomes available, one of our challenges will be to eliminate any misperception about the differences between Model S and Model 3,\u201d the company said in a statement. \u201cWe have seen a belief among some that Model 3 is the newest and more advanced generation of Model S. This is not correct. Model S will always have more range, more acceleration, more power, more passenger cargo room, more displays (two), and more customization choices, and Model S, X and 3 will all have equivalent Autopilot functionality. We will continue to clearly communicate these distinctions to avoid any misperceptions.\u201d<\/p>\n

Featured Image: Kristen Hall-Geisler<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

\"Tesla Tesla today re-affirmed that the production of its next car, the Model 3, would begin in July — and that the company had $4 billion in cash-on-hand heading into the second quarter this year. Both of those are going to be critical as Tesla, which reported its first-quarter earnings today, heads into the back half of the year. Read More<\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

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