Tesla 1Q loss widens on higher spending ahead of Model 3

The Model S fell to third place in Consumer Reports' ratings behind the Lexus LS made by Toyota Motor Corp and the BMW 7 Series.

Tesla is set to report first-quarter results after the market close Wednesday.

Wall Street is expecting an adjusted loss per share of 83 cents on revenue of $2.61 billion, according to Bloomberg.

If you look at the company's income statement over the past years, you will see that the company is constantly posting gross profit: In 2014, TSLA earned gross profit of 881.67 Million, in 2015 923.5 Million gross profit, while in 2016 Tesla Motors, Inc. Following the transaction, the director now owns 170,546 shares in the company, valued at $48,823,908.88. The Wall Street has predicted that Tesla will post revenue of $2.533 billion in the first quarter of 2017, up from $1.6 billion in the same quarter previous year.

Palo Alto, California, based electric vehicle and renewable energy company Tesla Inc (NASDAQ:TSLA) is scheduled to report its Q1 2017 earnings on Wednesday, May 2nd.

In its earnings release, Tesla stated that a key challenge for the company would be to eliminate misperceptions about the differences between the Model S and the Model 3. The Model Y is loosely aimed for a 2019 or 2020 production time, which is when Tesla hopes to be hitting the million-sales mark.

However, given that "Tesla still has not offered reservation holders a way of configuring their Model 3 year and robots are not yet in place", Osborne wrote, "we question whether the company will give full-year guidance on the Model 3 yet". The lower-cost model, which will start around $35,000, is set to go on sale later this year.

ILLEGAL ACTIVITY NOTICE: "Tesla Inc (TSLA) Stock Rating Reaffirmed by Argus" was first reported by Community Financial News and is owned by of Community Financial News. The Model 3 is the first auto to use the 2170 cell, a special battery developed jointly by Tesla and Panasonic, produced at the Gigafactory in the Nevada desert. Musk cheekily changed the Model's name to 3, resulting in a Tesla lineup that will read "S 3 X" and, eventually, "S 3 X Y".

"November or December of this year, we should be able to go from a parking lot in California to a parking lot in NY, no controls touched at any point during the entire journey", Musk says.

Tesla needs to ramp up for a deluge of Model 3 customers, and the company said it would be adding almost 100 retail, delivery and service locations worldwide, representing a 30 percent increase. This includes the first stores opened in Dubai and South Korea in the quarter. It also plans to double the number of fast-charging Supercharger stations to 10,000.

After closing down 2.5% on Wednesday, to $310, Tesla shares were dropping only slightly after-hours, to $308. Kallo said that the Model 3 launch should remove an overhang on Tesla Inc (TSLA) stock, so if production begins on time, this should be the last earnings report before deliveries begin.

Tesla delivered record 25,051 cars in the reported quarter, up 13% from the fourth-quarter 2016 and about 69% year over year. A large part of the growth was driven by higher Model X deliveries which grew nearly 4.8x, from 2400 deliveries in Q1 2016 to 11,550 deliveries in Q1 2017.

Tesla continues to target 47,000-50,000 vehicle deliveries in the first half of 2017, representing 61-71% growth year over year. The company's market cap is $51.87 billion. Baird now has a $368.00 target price on the electric vehicle producer's stock.

US based company, Tesla, Inc.

Musk brushed off suggestions that technology giant Apple, which has accumulated $257 billion in cash and marketable securities, might try to acquire Tesla.

Tesla doesn't want prospective buyers delaying purchases because they incorrectly think that the 3 is an upgrade to the S. Musk said on his Twitter page in December that the company is working on a new version of the charger.