Tesla  (TSLA - Get Report) said after the market closed on Wednesday that it lost $1.33 a share in the first quarter compared to a loss of 57 cents a year ago and well below the 82 cents a share loss consensus analyst estimate, according to FactSet Research.

It said revenue rose to $2.63 billion, versus the consensus $2.61 billion revenue. Last year the company reported $1.60 billion of revenue.

Tesla said its highly anticipated Model 3 car production is on track and that it expects to deliver 47,000 to 50,000 vehicles in the first half.

Tesla shares, which fell 2,47% in regular trading, slipped a further 0.33% after the close, trading hands at $311.02, still well above the psychologically important $300 a share support.

Highlights from the report, according to Tesla, included:

  • Vehicle production in Q1 increased by 64% compared to a year ago, which enabled us to set new quarterly records of 25,051 deliveries and $2.7 billion in GAAP revenue.
  • Model 3 activities related to vehicle development, manufacturing equipment installation and supplier readiness remain on plan to start production in July.
  • Over the past several months, we have been deploying our internally-developed software into the vehicle fleet, to provide additional safety and convenience features for vehicles with the newest generation of Autopilot hardware.
  • We have started expanding the number of stores displaying our comprehensive product portfolio of energy generation and storage products for home use.
  • Preparations at our production facilities are on track to support the ramp of Model 3 production to 5,000 vehicles per week at some point in 2017, and to 10,000 vehicles per week at some point in 2018.• A 13% sequential increase in Q1 deliveries drove much of the sequential increase in Automotive revenue. In addition, average transaction prices (ATPs) improved from Q4 2016, driven primarily by favorable product mix shift and higher option uptake.
  •  Automotive gross margin increased sequentially because of improved ATPs and manufacturing efficiencies.
  • Enhanced Autopilot revenue recognized in Q1 on cars delivered in Q4 contributed $35 million to gross profits. This was partially offset by $26 million in warranty reserve for the Takata airbag recall and equipment impairment charges.
  • We have yet to recognize a significant amount of deferred revenue from future functionalities related to Enhanced Autopilot and Full Self-Driving Capability options. There were no ZEV credit sales during the quarter.
  •  Consistent with Q4 2016, about 26% of Q1 deliveries were subject to lease accounting as we retained some residual risk on these transactions.