tesla q1 2016

Tesla reported its first quarter 2016 financial results and the company missed earnings expectation slightly with a loss per share of $0.57 vs $0.54, but also beat revenue expectation by a very slight margin with $1.6 billion.

The automaker’s stock (TSLA) still surged because of the announcement of a new build plan advancing its 500,000 units per year guidance by two years to 2018. The stock gained 7% after the announcement, but it is holding up 3% in after-hour trading.

Here are the highlights of Tesla’s shareholders letter:
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