Tesla posts narrower loss, sales beat; shares up 0.3%

Tesla posts narrower loss, sales beat; shares up 0.3%

In its outlook statement the company said it expects to shut down production for about 10 days in the second quarter, counting the April shutdown, to "address bottlenecks across the lines and increase production to new levels".

Tesla Inc. (TSLA) shares rose 0.3% late Wednesday after the Silicon Valley vehicle maker reported a narrower-than-expected adjusted first-quarter loss and quarterly sales that beat expectations. Excluding one-time items, Tesla lost $3.35 a share, while Wall Street analysts had forecast Tesla to lose $3.37 a share, on $3.27 billion in revenue.

Automotive revenues, including leasing, totaled $2.74 billion in the first quarter, up from $2.29 billion in the first quarter of previous year.

Tesla has reduced its capital expenditure estimates from $3.4 billion to $3.0 billion which is good news, given the rampant speculation that the company was running out of money faster than MC Hammer in the 90's.

Automotive gross margins for the quarter dropped to 19.7 percent from 27.4 percent a year ago.

"We made significant progress on the Model 3 ramp in the second half of Q1, and the momentum continued into early Q2".

Trump Trade War - South Korea exempted from steel tariffs
The result is in stark contrast to the Trump administration's downplaying the tariffs' impact on the USA economy and jobs. It added that the tariffs, which are meant to protect US industry, can not be justified by national security concerns.

In April Tesla said it built 34,494 vehicles in the first quarter of this year: a total of 24,728 Model S sedans and Model X crossovers and 9,766 Model 3 sedans.

In addition to updating its Model 3 production targets, Tesla also gave quarterly results that came in better than had been expected.

Moving ahead, Tesla plans to produce about 5,000 Model 3 vehicles per week in about two months. At that point, Tesla will start manufacturing the much anticipated $35,000 base Model 3. The $50,000 Model 3 is the company's most affordable auto and the one on which it's hinging its growth.

Tesla Inc. (NASDAQ: TSLA) reported first-quarter 2018 earnings after markets closed on Wednesday.

Shares of the Palo Alto, California-based company were up almost 1 percent at $303 in extended trading.

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