There’s no stopping Tesla’s meteoric rise, it seems – according to Reuters, the electric vehicle manufacturer has more than doubled its revenue in the first quarter, on the back of record sales of the Model S sedan and Model X SUV. In total, 25,000 vehicles found homes in the first quarter ending March 31, a 69% increase compared to the year before and the highest since the Fremont-based company went public in 2010.

As such, revenue has surged (geddit?) from US$1.15 billion (RM5 billion) to a staggering US$2.7 billion (RM11.7 billion), surpassing analysts’ expectations of US$2.62 billion (RM11.3 billion). The figures include the full quarter earnings of solar panel installer SolarCity for the first time, after Tesla purchased it last year.

It’s not all smiles, however, as Tesla also reported a net loss attributable to common shareholders of US$330.3 million (RM1.4 billion), up from US$282.3 million (RM1.2 billion) the year before. That figure equates to US$2.04 (RM8.82) lost per share, down from US$2.13 (RM9.21).

Excluding items, the company lost US$1.33 (RM5.75) per share, up from the 81 cents (RM3.50) per share that analysts were expecting. Despite this, Tesla said it has increased its reserve of cash and cash equivalents, from US$3.39 billion (RM14.7 billion) in the previous quarter to US$4.01 billion (RM17.3 billion).

The latest results come as Tesla is gearing up for the market launch of its entry-level Model 3, which it claims is still on track for later this year, with initial production set to commence in July. The company said yesterday that it is expecting to have put in slightly over US$2 billion in year-to-date capital expenditure by the time production of the car kicks off.

Reuters says Tesla is banking on the Model 3, pricing of which is expected to start at $35,000 (RM151,300), to help it achieve its goal of producing 500,000 vehicles in 2018. The company repeated that it aims to deliver between 47,000 and 50,000 units of the Model S and Model X in the first half of 2017, a target that it announced last year.

Analysts at financial data and analytics firm FactSet expects deliveries to hold steady at 25,000 units in the current quarter. Last month, Tesla overtook Ford and General Motors to become the US’ most valuable carmaker in terms of market capitalisation; up to the closing of markets yesterday, the company’s shares rose 45.6% this year, dropping 1% in trading after the close.