Just after the market closed on Wednesday, Tesla Motors said that it had lost USD 50 million, or in other words, 40 cents per share, in Q1 on a non-adjusted ground.
Moreover, the company also said that on the basis of non-GAAP information, which does not include items such as non-cash interest expenditure and stock-based compensation, it earned USD 17 million, or 12 cents per share on an adjusted basis, beating the analysts’ forecast of 6 cents per share.
Before the report, the shares of Tesla closed down USD 5.93, or 2.9%, at USD 201.35 in normal trading, but soon after the report, the shares were down by USD 14.84, or 7.4% at USD 186.51 in after-hours trading.
The adjusted revenue for the first quarter was recorded at USD 713 million, which was USD 621 million last year, indicating a 27% increase. The company claims that it produced another USD 61 million in cash flow during Q1.
Tesla said that it produced 7535 of its Model S sedans in Q1, beating its estimate of 7400. The company estimates that it would build around 8500-9000 such models in Q2 and will deliver around 7500. Moreover, the total deliveries of Model S will be around 35,000 by this year as estimated by the company.
Tesla indicates that the additional production was particularly important because it received trouble filling orders for some of its cars in Europe, which was very unfortunate on the part of the company, while it just started its sales in China last month.
While announcing the earnings, the CEO of Tesla, Elon Musk, said in a briefing to investors,”We plan to expand in China as fast as possible because we believe the country could be one of our largest markets.” He also announced that Shanghai will also get its first “supercharger station” shortly; the same free high-speed recharging stations that Tesla is planning to place on the main highway corridors in US.