- Jim Tanner/Reuters
The electric car maker reported a loss of $1.33 per share, less than the loss of $1.88 that Wall Street was anticipating. It brought in revenue of $2.79 billion, better than the $2.51 billion expected.
There was lots of other news out of the earnings call. Here’s everything you need to know…
- The company burned $1.2 billion worth of cash last quarter. Tesla’s spending has ballooned as it continued work on its Gigafactory, expanded its supercharger network, and set up production on the Model 3. The Model Y, Tesla’s compact SUV, will be built on the same platform as the company’s Model X. This should ease the company’s production troubles and help it meet demand. It also means the car could hit the market sooner. Tesla isn’t just a car maker. It’s aiming to also sell you the solar panels and batteries to help you charge your electric car. The company said it has successfully completed the first solar roof installations on employee’s homes and is accepting orders. Demand for the new product is still unclear. A journey from Los Angeles to New York City made entirely by a self-driving car was promised to take place before the end of the year, but CEO Elon Musk said it might have to be delayed slightly.
The earnings report came just days after the company revealed its newest vehicle, the Model 3. The company has been seeing tons of new orders for the vehicle, averaging about 1,800 per day since the launch. Production on the car is slow, though. Customers who order their vehicles today will probably not see their vehicles delivered until late 2018.
Shares of Tesla are up 61.45% this year, including Thursday’s premarket bump.
- Markets Insider