Tesla revenues soar after electric release

Electric-car maker Tesla has reported first-quarter revenue that more than doubled, and while saying the upcoming Model 3 is on schedule for July, it downplayed the mass-market vehicle to give a sales pitch for its more expensive Model S.

Chief executive Elon Musk’s bold approach to cars, space exploration, and clean energy has fuelled investor enthusiasm for Tesla. Sceptics are waiting to see if Musk can fulfil his promise of producing 500,000 cars per year in 2018, or six times Tesla’s 2016 production.

“We have seen some impact of Model S orders as a function of people being confused” that Model 3 is the upgrade to Model S, said Musk.

Record deliveries helped Tesla boost its revenue to $2.7bn (€2.45bn) in the quarter, but a net loss widened to $330.3m from $282.3m a year earlier, largely driven by its SolarCity acquisition.

Tesla needs to ramp up for a deluge of Model 3 customers, and the company said it would be adding nearly 100 retail, delivery, and service locations worldwide, representing a 30% increase.

The company reiterated its forecast of delivering 47,000-50,000 Model S and Model X cars in the first half of 2017, a target it announced earlier this year.

More on this topic

Positives outweigh negatives in Kia e-modelsPositives outweigh negatives in Kia e-models

Regional roads fail test: A real dangerRegional roads fail test: A real danger

Weak sterling driving spike in car imports from the UKWeak sterling driving spike in car imports from the UK

New Focus ST is fast but not so furiousNew Focus ST is fast but not so furious


Lifestyle

Ovarian cancer has been dubbed ‘the silent killer’. Christina Henry tells Rowena Walsh why she is one of the lucky onesAgeing with attitude: Life after ovarian cancer

As almost a father of two, Donal Skehan has realised that in order to survive with young children, quick and easy meals are key, writes Ciara McDonnell.Donal Skehan's newest recipes are quick and easy

Jamie Oliver is on a mission to get everyone eating more vegetables with the release of his new book, Veg.A selection of recipes from Jamie Oliver's new book Veg

More From The Irish Examiner