Tesla Brags About Setting New Record

Tesla, the electric car company manufactured 11,160 vehicles for the quarter, about 1,000 a week, and sold 10,045 Model S cars to customers, setting another new record for the young company. Tesla CEO Elon Musk and CFO Deepak Ahuja wrote in a letter to shareholders, "We also significantly improved manufacturing efficiency and reduced per unit vehicle costs while achieving a higher average weekly production rate during Q1." Tesla grew revenue to $1.1 billion and posted a net loss of $0.39 per share in the March quarter, beating Wall Street estimates for revenue of $1.04 billion and a net loss of $0.50 per share.