Tesla reported its Q1 2018 earnings on August 1st, 2018, posting adjusted losses of $3.35 per share with revenues of $3.4 billion.
This is somewhat good news, as analysts expected the company to report a loss of $3.48 a share with revenues of $3.22 billion, up from $2.7 billion a year ago.
Tesla may have struggled through “production hell” to build the Model 3, but the car has helped the company set this new record.
The Model 3 is finally starting to make the company some money.
The plan to sell the more expensive versions of Tesla’s mass-market car so that the company doesn’t “die” is working.
“Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the US, and our deliveries continue to increase,” Tesla CEO Elon Musk and CFO Deepak Ahuja wrote in a letter to investors.
“Consumers have clearly shown that electric vehicles are simply more desirable when priced on par with their internal combustion engine competitors while offering better technology, performance and user experience.”