In its earnings statement today, Tesla announced revenues of $2.7 billion for the quarter, above the estimated $2.6 billion. Losses came in at $1.33 per share, much greater than the anticipated 81 cents per share. In after-hours trading, TSLA shares spiked up a percent before trending downward. In its shareholder letter the company revealed a few key items:
• Vehicle production is up 64% year-over-year and deliveries were a record 25,051 for the quarter
• The company is planning to manufacture 5,000 Model 3s per week later this year. Sometime next year, Tesla wants to boost that number to 10,000 vehicles per week (this is something of an explanation for how it plans to ramp up production to meet its goal of 500,000 cars in 2018)
• Expect 100 more retail, delivery, and service locations to come this year globally
• 25,000 new charging stations are coming in 2017
• This quarter Tesla brought its computer vision and self-driving tech stack entirely in-house to build the technology more rapidly
• Good news for solar: Roughly a third of new residential deployments were to purchasing customers rather than leasing ones
• In its forward-looking guidance Tesla says that by July capital expenditures will spill over $2 billion with more investment coming later in the year.