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Tesla Posts $154 Million Loss in Q1, $1.1 Billion in Revenue

Motor Trend logo Motor Trend 5/7/2015 Karla Sanchez

In its first quarter financial report, Tesla announced it posted a net loss of $154.2 million, which doesn’t sound so bad considering the loss came from $1.1 billion in revenue, which is up 55 percent from a year ago. In addition, the automaker reports the Model X is on track to begin deliveries in the third quarter of this year.

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The $152.4 million in losses, or $1.22 a share, includes $22 million in unrealized losses from foreign currency holdings due to the strong dollar. Even still, the company is celebrating a successful quarter, in which it built a total of 11,160 units and delivered 10,045 Model S sedans. This averaged out to 1000 cars produced per week. Tesla CEO Elon Musk firmly believes deliveries will continue to rise, as he’s confident that the company will be able to deliver approximately 55,000 vehicles in 2015. The report states there’s still a strong demand for the Model S, with both North American and European orders much higher than the same period a year ago, despite the limited availability of the 85D and before the announcement of the 70D. The Model X is also on track for deliveries in Q3, which should help the automaker reach its goal. © Provided by MotorTrend

Even with all that going on, Tesla reports it was able to reduce labor hours by more than 20 percent per car by the end of the quarter. A significant amount of progress was also made in the installation of a new body shop, paint shop, and stamping press, as well as the Gigafactory, which should start cranking out batteries in 2016.

Besides its electric cars, Tesla announced that customer response to its stationary battery units for homes, businesses and utilities has been extremely positive. Production teams will start volume builds of the new products in the third quarter at the Tesla factory in Fremont, but will expand production at the "Gigafactory" when it’s finally up and running. MotorTrend Image© Provided by MotorTrend MotorTrend Image

As for the second quarter forecast, Musk expects to produce about 12,500 vehicles, and deliver between 10,000 and 11,000 electric cars during the same period.

MotorTrend Image Tesla Posts $154 Million Loss in Q1, $1.1 Billion in Revenue

Source: Tesla

2014 Tesla Model S© Provided by MotorTrend 2014 Tesla Model S
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