Tesla on Wednesday reported a wider-than-expected loss for the first quarter and said its highly anticipated Model 3 remains on track for initial production in July.
The electric-car maker said it lost $1.33 per share, wider than the loss of 82 cents that analysts had forecast. Revenue more than doubled and beat expectations, at $2.7 billion ($2.61 billion forecast.)
Analysts were focused on updates on production of the Model 3, Tesla’s mass-market vehicle priced at $35,000.
Tesla said its production facilities are on track to support production of 5,000 Model 3 vehicles per week “at some point in 2017,” and 10,000 in 2018.
Cash burn in the first quarter was the second-highest on record, according to Bloomberg. At $623 million, it was down from nearly $1 billion in Q4.
Tesla reported 25,000 vehicle deliveries in the first quarter, a record that sent its shares soaring and burned traders who were betting against the company. Tesla CEO Elon Musk even tweeted a jab at short sellers as they watched the stock rise to an all-time high. Tesla shares have gained 46% this year.
The stock’s rise put its market capitalization above Ford’s, and further highlighted Tesla’s rich valuation compared to the more traditional carmakers.
But according to Morgan Stanley’s Adam Jonas, the electric-car maker’s main competitors are not just the big carmakers. Because Tesla is aiming to be more than just an electric-car company, competitors in its addressable market include firms like Alphabet, Apple, and Uber, Jonas said in a note.