Tesla is out with its first quarter financial results for the year, and aside from continuing to promise the Model X in Q3, delivering 11,160 cars for the quarter, and still on track to sell 55,000 vehicles for the year, it also pulled in another $51 million for selling Zero Emissions Vehicle credits to other automakers.
Tesla is now breaking out its revenue and costs into two separate categories: Automotive and Services. The latter covers things like powertrain sales (to other automakers) and service revenue, while the former encompasses vehicle sales and leases, Supercharging, and data connectivity. It also includes regulatory credits, with that $51 million figure coming in as part of its total $66 million regulatory credit revenue.
Tesla says it's building an average of 1,000 cars a week – about 10 percent better than its guidance – and that it's average selling price is up slightly thanks to the recent addition of the all-wheel drive D models. It's also raising the price of its cars in Europe by five percent to compensate for the stronger dollar.
All in, non-GAAP revenue for the quarter was $1.1 billion – up 55 percent from last year – while GAAP revenue came in at $940 million, and non-GAAP loss was $45 million, or around 36 cents a share. (If you need an explainer on GAAP vs. non-GAAP, check out Matthew Yglesias' piece over at Slate.)
You can read over Tesla's Q1 shareholder letter here and tune in later for coverage of the automaker's analyst call with Elon Musk, where he consistently says something nutty.