Q1 net loss of $50m

The company announces a first-quarter net loss of $50 million, or 40 cents a share, on a non-adjusted basis. Excluding stock-based compensation and non-cash interest expense, the company earned $17 million, or 12 cents a share on an adjusted basis, beating analysts’ estimates of 6 cents a share. Adjusted revenue was $713 million for the quarter, up 27% from $621 million a year ago. The company says it generated $61 million in cash flow during the quarter.

Tesla said it made 7,535 of its Model S sedans during the quarter, beating its own projection of 7,400.  It estimates that Model S deliveries will total 35,000 this year. Elon Musk also announces Shanghai will get its first supercharger station:

We plan to expand in China as fast as possible because we believe the country could be one of our largest markets