Tesla has released its first quarter results which reveal the company made a record 25,051 deliveries and $2.7 billion in GAAP revenue, beating analyst estimates of $2.61 billion.
However, as reported by Bloomberg, the company also burned through $623 million of cash in the same quarter. While that’s lower than the nearly $1 billion it burned through in Q4 2016, it’s the second highest on record.
Another highlight of the announcement was an update on the Model 3. The automaker is currently building “Release Candidate” vehicles with production-intent tooling and the models are being tested to assess fit and finish as well as driving dynamics and durability.
Tesla is gearing up its facilities to build the Model 3 later this year. The company is targeting an output of 5,000 vehicles per week in 2017 and 10,000 vehicles per week in 2018.
Besides discussing the Model 3, Tesla revealed plans to open nearly 100 new retail, delivery, and service stations across the global. Tesla is also slated to open its first company-owned body shops to “significantly improve the customer experience with out-of-warranty body repairs.”
Lastly, Tesla reiterated plans to double the size of its Supercharger network and reduce service timing by using remote diagnostics to help identify issues before customers even notice there is a problem.