The earnings come right after Tesla's big event on Friday at which it launched the mass-market Model 3.
Tesla on Wednesday reported a smaller quarterly loss than expected, and said production of its Model 3 sedan remained on track to hit targets.
The electric-car maker reported a loss of $1.33 per adjusted share on revenue of $2.79 billion. Analysts had forecast that Tesla lost $1.88 per share and earned revenue of $2.51 billion, according to Bloomberg.
The results came right after Tesla's big event on Friday launching the mass-market Model 3.
In the earnings letter, Tesla said it averaged over 1,800 net Model 3 reservations daily, and was confident it could produce just over 1,500 vehicles in Q3. Deliveries to non-Tesla employees will start in the fourth quarter, Tesla said.
Tesla had said it planned to produce 500,000 annually by 2018 and would ramp up costs to meet that goal.
Analysts at Morgan Stanley and Baird were focused on vehicle demand, especially since the Model 3 could cannibalize Tesla's older cars.
It hasn't been a great year for traders who bet against Tesla's stock, following a 52% surge in the stock price year-to-date through Wednesday's market close. Short interest in Tesla — or bets that its shares would fall — fell to the lowest level in more than 2 1/2 years relative to shares outstanding, according to data compiled by IHS Markit.
Tesla shares gained as much as 3% in extended trading after the results crossed.
Tesla CEO Elon Musk taunted short sellers on Twitter, but equally had to defend the company's $53 billion valuation.
The earnings come right after Tesla's big event on Friday at which it launched the mass-market Model 3. Read Full Story
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