Record Model S deliveries
The electric automaker delivered a record 6,892 Model S vehicles during the quarter and announced an upcoming expansion in output. Model S production is expected to rise to 1,000 a week from 600 a week.
Shares climbed to record highs last month when China announced that Tesla Model S sedans would qualify for higher-than-anticipated incentives.
Tesla expects to deliver more than 35,000 Model S vehicles in 2014, an increase of more than 55 percent from the 22,477 it delivered last year. In the first quarter, it will deliver about 6,400 of those cars.
Wedbush analyst Craig Irwin said the company's average selling prices were about 10 percent higher than expected during the quarter, and that investors were pleased with the company's stellar outlook for 2014.
"The cover is off the ball," he said.
New models, China entry
The company said operating expenses and capital spending will increase significantly this year as it expands production capacity for both the Model S and Model X crossover vehicle, invests in stores and Supercharger infrastructure and finishes development of the Model X. It is also starting early design work on its third-generation vehicle.
Tesla said it expects to have Model X prototypes on the road by the end of the year and will begin deliveries to customers in the spring of next year.
Tesla noted that the first Model S deliveries to China are scheduled for this spring. Already, its Beijing store is its largest and most active retail location globally.
Correction: This article has been updated to reflect the correct revenue comparison.
—By CNBC.com with Reuters