Tesla loses 17% in the first quarter despite double revenue


Tesla loses 17% in the first quarter despite double revenue



The electric car manufacturer reveals that the new Model 3 is already able to start production in July


      Tesla recorded losses of 302 million euros in the first quarter of the year, 17% more than the 'red numbers' recorded in the same period of the previous year, of 258 million euros.

Despite the losses, the company led by Elon Musk reached revenues of 1,866 million euros, more than double the 826 million euros in the same period of 2016.

    In addition, production rose by 64%, to break a record. The revenues and deliveries of the first quarter were also the highest of those registered by the company so far.

The strong increase in revenues was accompanied by an 85% increase in total operating expenses, which include R & D expenses, which amounted to 848 million euros at the end of the quarter.

Production of the Model 3

The company indicates that the Model 3 is already in conditions to start production in July and that the transition towards the implementation of Autopilot software, developed by the company itself, has been completed.

Other aspects highlighted by the company are the increase in margins, which now amount to 27.4%, and the provision of cash in the amount of 4,000 million dollars (3,670 million euros).

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