Myth Shattered: Tesla Q1 Net Loss of $49.8 Million, Year-on-year Loss

On May 8, US electric vehicle giant Tesla Motors released its 2014 first quarter earnings on Wednesday. According to the financial report, Tesla's revenue in the first quarter was $621 million, higher than $615 million in the previous quarter and $562 million in the same period last year; Tesla's net loss in the first quarter was $49.8 million, less than the net loss of $14.9 million in the previous quarter and less than the net profit of $11.2 million in the same period last year.

In the first quarter ended March 31, Tesla's revenue was $621 million, up from $615 million in the previous quarter and $562 million in the same period last year. Tesla's net loss in the first quarter was $49.8 million, less than the net loss of $14.9 million in the previous quarter and less than the net profit of $11.2 million in the same period last year. Tesla had an operating loss of $44 million in the first quarter, an operating loss of $13.4 million in the previous quarter and an operating loss of $5.6 million in the same period last year.

Not in accordance with U.S. GAAP, Tesla's revenue in the first quarter was $713 million, an increase of 27% over the same period last year; Net profit was $17 million, or $0.12 diluted earnings per share. Tesla's first quarter results were better than market expectations. According to a survey by Thomson Reuters, market analysts had expected, on average, that Tesla's diluted earnings per share in the first quarter were $0.10 and revenue of $699.1 million, not in accordance with U.S. GAAP.

Tesla's total operating expenditure in the first quarter was $199 million, compared with $170 million in the previous quarter and $102 million in the same period last year. Among them, Tesla's R & D expenditure in the first quarter was US $81.5 million; Sales, general and administrative expenses amounted to $118 million. Tesla's gross profit in the first quarter was $155 million, less than $157 million in the previous quarter and better than $96.3 million in the same period last year.

Tesla said in its financial report that the company produced a record 7535 model s electric vehicles in the first quarter and delivered 6457 electric vehicles slightly higher than expected to customers. At the same time, Tesla is bringing its product line to European and Asian markets to support growing global demand. Tesla said that the company is expanding plant capacity to improve the production process of model s electric vehicles by the end of this year and launch model x electric vehicles next year. The research and development of model x electric vehicle is still in progress, and the production design prototype is expected to be launched in the fourth quarter of this year. At the same time, Tesla is accelerating the pace of opening retail stores, service centers and super charger stations, and will start building a super battery factory gigafactory by the end of this year.

Tesla Motors said that the company's weekly electric vehicle production capacity increased by 15% month on month in the first quarter to nearly 700 vehicles. Tesla plans to increase production in the next few months and quarters to meet the growing market demand. It is expected that Tesla's weekly electric vehicle production capacity will increase to 1000 by the end of this year.

By the end of the first quarter, Tesla's cash, cash equivalents and short-term securities had increased to nearly $2.6 billion, partly due to the company's issuance of $2 billion of 5-year and 7-year senior convertible bonds.

Tesla expects that the company's total sales of model s electric vehicles will reach 7500 in the second quarter, so as to achieve the goal that the sales of model s electric vehicles will exceed 35000 this year. Tesla expects the production of model s electric vehicles to reach 8500 to 9000 in the second quarter, an increase of 13% to 19% over the first quarter. The main reason why Tesla's electric vehicle production is higher than sales is that some electric vehicles in transit will be delivered to European and Asian customers who have already placed orders.

Tesla expects that the company's gross profit margin in the second quarter will be slightly higher than that in the first quarter, not in accordance with U.S. GAAP.

Tesla shares fell $5.93, or 2.86%, to $201.35 in regular trading on the Nasdaq stock market on Wednesday. At press time, in subsequent after hours trading, Tesla shares fell $11.75, or 5.84%, to close at $189.60. In the past 52 weeks, Tesla's lowest share price was $55.71 and its highest share price was $265.00.

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