Joe Skipper/Reuters
Tesla CEO Elon Musk
Tesla is set to report its first-quarter earnings results after the market close on Wednesday.
Analysts forecast that the electric-car and solar-panel maker lost money as it ramped up production of its Model 3 sedan. Tesla is expected to report a $3.42 loss per adjusted share, according to Bloomberg. Its revenue is estimated to have increased by 23% from a year ago to $3.32 billion.
In addition to the loss per share, analysts will be paying attention to Tesla's cash burn. The auto-news website Electrek reported last that Tesla was aiming to produce 6,000 Model 3 cars per week by the end of June to hit its weekly target of 5,000 after accounting for a margin of error.
The company's earnings come after a slew of headlines that have hurt its stock price this year,, including a fatal crash and subsequent NTSB investigation, "production hell" for its Model 3 sedan, and an exposé of dangerous factory floor conditions.
The earnings will be a test for short sellers, who have piled on record bets that Tesla's stock price will fall. As of Wednesday, 39.42 million Tesla shares were borrowed for short bets, representing 31% of the shares available for trading, according to financial analytics firm S3 Partners.
The stock rose to as high as $306.85 per share on Wednesday, breaching the key $300 resistance level.
More to come, refresh this page for the latest.
Get the latest Tesla stock price here.