Tesla Shares Higher After Narrower-than-forecast Quarterly Loss

Tesla Motors Inc. shares rose more than 7% late Wednesday after the electric-car maker reported a narrower-than-expected first-quarter adjusted loss and quarterly sales in line with Wall Street expectations. Tesla said it lost $75 million in the quarter, or 57 cents a share, compared with 36 cents a share in the year-ago period. Adjusted revenue reached $1.6 billion in the quarter. Analysts polled by FactSet had expected a loss of 60 cents a share on sales of $1.6 billion. Tesla moved up its goal to produce 500,000 cars a year to 2018, two years earlier than it previously planned, although it added that increasing production five fold over the next two years will be "challenging and will likely require some additional capital," the company said in a statement. Tesla has scheduled a conference call with analysts at 5:30 p.m. Eastern.