Tesla Motors reported Q1 results that were largely in line with expectations.
Tesla reported Q1 deliveries of 14,810 vehicles, nearly in line with the figure announced in April. It expects to produce 20,000 in Q2, while delivering 17,000.
In addition, Tesla said it would be sticking by its promise to deliver 80,000 to 90,000 vehicles this year.
Tesla also said its ambitious plan to hit 500,000 annual cars produced by 2020 wasn’t ambitious enough. Now, it believes it will build that many in 2018.
The production ramp is in response to outsize enthusiasm for the Model 3, the lower-priced Tesla car that prompted hundreds of thousands of customers to plunk down a $1,000 deposit after it was introduced.
Tesla’s first-quarter loss was $282.3 million, compared with a loss of $154.2 million a year earlier.
The company’s overall quarterly revenue rose 22% to $1.15 billion from $940 million.
Tesla prefers to focus on its non-GAAP financial results, which are adjusted for employee stock compensation, leasing factors and other items, and those results were slightly better than analysts had expected.
The automaker’s non-GAAP loss in the quarter that ended March 31 was $75.3 million, or 57 cents a share.
In addition, 2,500 Powerwalls and nearly 100 Powerpacks delivered in the quarter for Tesla Energy.