Tesla Lost $282M Last Quarter
Tesla continued to lose money last quarter.
Although the American automaker announced its future mass-production, entry-level Model 3, it continued to report a loss. Using generally accepted accounting principles (GAAP), Tesla reported a net loss of $282 million on $1.15 billion in revenue. The company’s automotive revenue came in at $1.03 billion while operating expenses tallied in at $501 million including $83 million in non-cash stock-based compensation.
SEE ALSO: Tesla Wants to Build 500K Cars a Year by 2018
Now that the company is no longer just about cars, CEO Elon Musk proudly announced that it delivered 2,500 of its home batteries, called Powerwalls during the first quarter. During the earnings call, Musk said that Tesla is aiming to produce 500,000 vehicles per year by 2018, two years quicker than previously scheduled. It also plans on producing at least 100,000 Model 3 sedans by late next year.
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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