Tesla Motors on Wednesday posted quarterly results that met Wall Street's expectations and gave a bullish outlook for vehicle production on the strength of demand for its upcoming Model 3.
CEO Elon Musk also said on Tesla's earnings conference call late Wednesday that 1 million in annual production by 2020 would be his "best guess."
The electric automaker reported a first-quarter loss of 57 cents per share on $1.6 billion in revenue. The shortfall was wider than the 36 cents per share reported a year earlier, while sales climbed 45 percent from the prior-year period.
Analysts expected Tesla to report a loss of 58 cents per share on $1.6 billion in revenue, according to a Thomson Reuters consensus estimate. The company's shares rose as much as 8 percent in after-hours trading before retreating slightly.
The stock was up about 4.5 percent before the bell on Thursday. (Get the latest quote here.)