Tesla’s Model 3 electric car was the focus of today’s chatter in the wake of the company’s quarterly earnings report, which posted revenue that was stronger than expected ($2.79 billion vs. $2.51 billion, pre-estimated by Thomson Reuters) and a loss per share that was lower than expected ($1.33 vs. $1.82 pre-estimated). In the wake of last week’s first 30 Model 3 deliveries, Tesla said 1,800 net reservations are coming in daily. Tesla CEO Elon Musk said the net backlog stands at 455,000 reservations, with 63,000 would-be buyers canceling their reservations (and getting their deposit back). Musk told analysts there should be “zero concern” over whether the company can hit a production pace of 10,000 cars per week by the end of next year. Tesla shareholders don’t seem overly concerned: The stock price rose by as much as 8.9 percent in after-hours trading. Listen to today’s call:
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