Tesla’s revenue more than doubles, helped by record deliveries

News 03 May 2017
Tesla’s revenue more than doubles, helped by record deliveries

A Tesla logo is seen on media day at the Paris auto show, in Paris, France, September 30, 2016. REUTERS/Benoit Tessier/File Photo

Electric-car maker Tesla Inc (TSLA.O) reported quarterly revenue that more than doubled, driven by record deliveries of its Model X sports utility vehicles and Model S sedans.

Tesla also backed its target of launching its highly anticipated mass market Model 3 sedan later this year, said the car was on track for initial production in July.

Tesla, led by billionaire entrepreneur Elon Musk, said net loss attributable to common shareholders widened to $330.3 million in the first quarter ended March 31, from $282.3 million a year earlier. (bit.ly/2p9tTzv)

On a per-share basis, net loss narrowed to $2.04 per share from $2.13 per share.

Revenue more than doubled to $2.7 billion from $1.15 billion.

Tesla's results reflect the first full quarter that includes solar panel installer SolarCity, which it bought last year.

(Reporting by Narottam Medhora in Bengaluru; Editing by Sai Sachin Ravikumar)

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