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

Markets Associated Press

Electric car maker Tesla's first quarter loss more than doubled to $330 million as it ramped up spending ahead of the launch of its Model 3 sedan and its solar panel business.

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The loss, of $2.04 per share, compared to a loss of 78 cents a year ago.

Excluding one-time items, Tesla reported a loss of $1.33 per share, missing Wall Street's expectations. Analysts polled by FactSet expected a loss of $1.23 per share.

Palo Alto, California-based Tesla said it delivered 25,000 vehicles in the first quarter, up 69 percent over the January-March period a year ago. The company said it expects to deliver 47,000 to 50,000 in the first half of this year.

Tesla said it remains on track to start production of the Model 3 in July.