Tesla fell short of Wall Street's big expectations for its first quarter of 2017, but the company gave investors signs for optimism--and set a personal record.
Tesla said on Wednesday it lost $1.33 per share on a revenue of $2.7 billion. The $2.7 billion is more than double Tesla's revenue from a year ago. Analysts surveyed by Thomson Reuters had projected the firm to post a loss of 82 cents on a revenue of $2.61 billion.
In a letter to shareholders, Tesla said it is still on track to begin production of its $35,000 Model 3 in July. It hopes to manufacture 5,000 vehicles per week at some point this year, and 10,000 per week at some point in 2018.
Tesla's stock has been hitting all-time highs this week, which has some investors worried about a Tesla bubble. Earlier Wednesday, prominent hedge fund manager David Einhorn said on a conference call that "the enthusiasm for Tesla ... is reminiscent of the March 2000 dotcom bubble." Last month, Tesla's market capitalization surpassed that of both GM and Ford. Tesla delivered 76,000 vehicles in 2016, while GM delivered 10 million and Ford 6.7 million.
The company's output is moving in the right direction, though. In April, Tesla revealed that it had delivered more than 25,000 vehicles in the first quarter, a record number for the company. That puts it well within range of hitting its goal of delivering 47,000 to 50,000 in the first half of the 2017. Last year, Tesla acquired German manufacturing company Grohmann Engineering to help it speed up its vehicle production.
During the call, CEO Elon Musk said Tesla plans to launch the crossover Model Y, essentially a compact SUV, by 2020.
This was the first full quarter since Tesla agreed to buy SolarCity. "Our energy generation and storage business is positioned for accelerating growth later this year," Tesla wrote in its letter. The company plans to begin manufacturing on its solar roofs before the end of the current quarter in June. The first roof tiles will be manufactured at a facility in Fremont, Calif., and production will soon shift to the Gigafactory 2--the Buffalo, N.Y. factory where Tesla has a partnership with Panasonic.
Tesla has not yet revealed pricing for the solar roofs or announced when it will begin taking orders, but that timeline would suggest those updates are likely in the coming weeks. The company has four styles of shingles, and it plans to roll out one every few months.