Tesla reported quarterly revenue that more than doubled as record deliveries boosted sales, but posted a wider-than-expected first-quarter loss.
The Palo Alto-based electric carmaker posted record deliveries of its Model X crossover and Model S sedan, helping revenue grow to $2.7 billion from $1.15 billion.
The company’s net loss grew 17 percent from the $282 million it lost during the same quarter last year. It also lost $121 million during the final quarter of 2016.
Vehicle production in the latest period rose by 64 percent from a year ago, which helped Tesla to set its new quarterly record of 25,051 deliveries, putting it on track of its goal to sell 50,000 cars by the middle of 2017.
Production of Tesla’s first mass-market car, the Model 3, is set to begin this July. Over the last few months, Tesla has been road testing release candidate Model 3s to perfect the vehicle’s software.
Preparations at Tesla’s production facilities are on track to support the ramp of Model 3 production. Tesla is aiming to produce 5,000 vehicles per week at some point in 2017, and to increase that to 10,000 vehicles per week at some point in 2018.
Tesla customers in the United States have been driving their vehicles from coast to coast since 2013, enabled by the Supercharger network. To advance electric vehicle adoption, Tesla will continue to invest in charging infrastructure globally. In 2017, the company expect to at least double the number of Superchargers and Destination Charging connectors globally to more than 10,000 and 15,000, respectively. Tesla intend to build larger sites along the busiest travel routes and broaden the number of charging locations in urban centers to make charging ubiquitous and convenient for everyone.
Throughout the year, the company plans to add “nearly 100 retail, delivery and service locations globally, representing an approximately 30 percent increase in facilities.”
The electric carmaker will also open its first fully-owned body shops to improve repair and maintenance services, which had been a concern among owners in recent months.
More than 100 mobile repair trucks are expected to be added in the second quarter. Tesla says that its cars are designed so that the majority of repairs can be performed without raising the car on a lift.
