Tesla beats on earnings

Elon MuskChinaFotoPress/Getty ImagesElon Musk, Tesla’s CEO.

Tesla just reported its first-quarter results, capping a busy news day for the electric-car maker.

The company generated $1.6 billion in revenue and a narrower-than-expected adjusted loss per share of $0.57.

Tesla was expected to report a quarterly adjusted loss of $0.60 per share and revenues of $1.61 billion, according to Bloomberg.

Tesla raised its forecast for capital spending this year by 50% to $1.5 billion.

The company said that it expects production and deliveries of its Model 3 in late 2017.

It expects to produce 20,000 vehicles in the second quarter, or 30% more than it did in the same period a year ago.

“Looking out beyond Q2, we remain confident that we can deliver 80,000 to 90,000 new Model S and Model X vehicles in 2016,” CEO Elon Musk said in a statement, reiterating the company’s earlier projection.

And of course, Tesla is no longer just about cars. The company said that it delivered 2,500 of its home batteries, called Powerwalls, in the quarter.

Tesla shares jumped by as much as 7% in after-hours trading before halving gains.

To recap the day’s news, two executives responsible for building cars are leaving the company: Greg Reichow, vice president of production, and Josh Ensign, vice president of manufacturing.

This is a big deal because Tesla is preparing to launch its mass-produced Model 3. Bloomberg noted that every Tesla model since the Roadster has been delayed by at least six months.

The second big new story was that famed short seller Jim Chanos reiterated his bearish view on the company and said that he was short Tesla. Shares fell 4% in trading.

JPMorgan analysts had noted that the $35,000 price tag, although Tesla’s lowest ever, could still limit demand. That’s because it’s likely to be more expensive after options are added.

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