Despite reporting $1.1 billion in non-GAAP revenue, Tesla had a first quarter net loss of $154 million.
The American electric automaker expanded into energy-storage batteries for homes and invested into preparing for manufacturing of its Model X crossover, contributing to the losses that the company announced during its earnings call today. The company reported $940 million in fourth-quarter revenue and using Tesla’s preferred non-GAAP accounting methods, first quarter revenue rose to $1.1 billion, which is 55 percent higher compared to the first quarter of 2014.
SEE ALSO: Tesla Model 3 to Debut Next March, On Sale in Q2 2017
In total, the company built 11,160 vehicles in Q1 and delivered 10,045 of them. Tesla expects to manufacture 12,500 vehicles in the second quarter. Deliveries are expected to be between 10,000 and 11,000 in Q2 of 2015 as Tesla aims to sell 55,000 units this year in total. Tesla also says its on track to begin Model X deliveries in the third quarter of this year.
On an adjusted basis, Tesla’s automotive gross margins were 26 percent but forecasts gross margins of “just under” 25 percent for the second quarter, due to the “significant” negative impact of the strong U.S. dollar.
The company also announced that it has increased pricing of its cars in most European markets by five percent to help offset the currency exchange difference, but the new price won’t apply until deliveries starting in the third quarter.
[Source: Automotive News]
Discuss this story at our Tesla forum
The post Tesla Reports $154M Loss in Q1 2015 appeared first on AutoGuide.com News.