DETROIT (AP) — Electric car maker Tesla Motors lost $49.8 million in the first quarter as development costs grew compared with a year ago.
Tesla's loss of 40 cents per share compared with a profit of 10 cents per share in the January-March period last year.
Revenue grew 10 percent to $620.5 million. Tesla produced a record 7,535 Model S sedans and delivered 6,457 to customers.
Analysts polled by FactSet had forecast a profit of 8 cents per share on revenue of $683.5 million.
Research and development costs jumped 49 percent to $81.5 million as Tesla prepares to launch the Model X crossover next year and lays the groundwork for a battery factory that is expected to be complete in 2020.
Tesla's shares fell 6 percent to $11.98 in after-hours trading.
Original headline: Tesla loses $50 million in 1Q as costs rise
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