Tesla on Wednesday reported a wider-than-expected loss for the first quarter and said its highly anticipated Model 3 remains on track for initial production in July.
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Tesla reports a wider loss than expected, says Model 3 production remains on track (TSLA)
Analysts are focused on any updates on production of Tesla's highly anticipated Model 3.
Elon Musk.
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The electric-car maker said it lost $1.33 per share, wider than the loss of 82 cents that analysts had forecast. Revenue more than doubled and beat expectations, at $2.7 billion ($2.61 billion forecast.)
Analysts were focused on updates on production of the Model 3, Tesla's
Tesla said its production facilities are on track to support production of 5,000 Model 3 vehicles per week "at some point in 2017," and 10,000 in 2018.
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Cash burn in the first quarter was the second-highest on record, according to Bloomberg. At $623 million, it was down from nearly $1 billion in Q4.
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