Tesla Motors 1Q net loss widens on Model X woes

DETROIT (AP) — Electric car maker Tesla Motors lost $282.3 million in the first quarter as it struggled to ramp up production of its newest vehicle, the Model X SUV. The loss, of $2.13 per share, far exceeded Wall Street's forecasts. Analysts polled by FactSet expected a loss of 87 cents per...

 
              FILE - In this Monday, April 25, 2016, file photo, a man sits behind the steering wheel of a Tesla Model S electric car on display at the Beijing International Automotive Exhibition in Beijing. Tesla reports financial results Wednesday, May 4, 2016. (AP Photo/Mark Schiefelbein, File)

DETROIT (AP) — Electric car maker Tesla Motors lost $282.3 million in the first quarter as it struggled to ramp up production of its newest vehicle, the Model X SUV.

The loss, of $2.13 per share, far exceeded Wall Street's forecasts. Analysts polled by FactSet expected a loss of 87 cents per share.

Tesla delivered 14,810 Model S sedans and Model X SUVs in the January-March period. That was lower than expected due to parts shortages for the Model X early in the quarter. But it was still a 48 percent increase in deliveries over the same period a year ago.

Tesla said its first-quarter revenue rose 22 percent to $1.15 billion.

The Palo Alto, California-based company said it remains on track to deliver 80,000 to 90,000 new vehicles this year.

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