PALO ALTO – Tesla losses grew in the first quarter, blunting momentum as the electric vehicle maker moves to reach a broad, new market with its lower-cost sedan.
But the company topped analyst expectations for revenues, which grew to $2.7 billion from $1.1 billion from the same period last year.
Tesla on Wednesday reported first quarter losses of $330 million, or $2.04 per share, an increase of 17 percent from the same quarter last year. Analysts predicted a $292 million loss, or about $1.17 per share.
Excluding expenses related to the SolarCity acquisition and other deals, the company lost $214 million, roughly $1.33 per share. Tesla stock dropped about 2.5 percent Wednesday and continued to skid in after-hours trading.
CEO Elon Musk told analysts Wednesday the company remains on track to start mass production on the Model 3 in July. The company has blown…