Tesla loses less money than expected, stock rallies
(REUTERS/Rebecca Cook) Tesla Motors CEO Elon Musk.
Tesla just reported a net loss that was smaller than expected in the first quarter.
The electric-car maker reported an adjusted loss per share of $0.36 on adjusted revenue of $1.1 billion.
Wall Street analysts were looking for a loss of $0.49 on revenue of $1.05 billion, according to data from Bloomberg.
The company delivered 10,045 Model S vehicles in the first quarter, which was in line with the company's April announcement of 10,030 vehicles.
In the first quarter, Tesla produced 11,160 vehicles.
Following the report, Tesla shares were up as much as 5% in after-hours trade on Wednesday.
In the second quarter, the company expects to produce about 12,500 vehicles, up 12% from the first quarter. Tesla plans to deliver between 10,000 and 11,000 vehicles in Q2.
The company said it is on track to deliver 55,000 Model S and X vehicles this year. The Model X is still on track to start deliveries in late Q3.
Tesla expects that the average transaction price will decline in the second quarter, with the dollar's 4% increase in value against the euro since the last time Tesla adjusted prices in Europe weighing on this number.
The company said that in response to the dollar's rally, it has increased prices by 5% in Europe.
Tesla expects direct leasing of vehicles to be about the same in Q2 as it was in the first quarter, and the company still expects to spend about $1.5 billion on capital expenses in 2015.
Read Tesla's complete letter to shareholders here »
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