Tesla on track to release $35,000 Model 3 in July

Elon Musk's electric car firm Tesla has revealed first-quarter revenue that more than doubled and said its upcoming Model 3 was on schedule for July - but downplayed the mass-market vehicle and gave a sales pitch for its more expensive Model S. The firms first-quarter loss widened 17 percent to $330 million as it ramped up spending ahead of the launch of its Model 3 sedan and its solar panel business. Elon Musk has likened future versions of Tesla's Model 3 production line to an'alien dreadnaught' - and last week the first pictures of the factory emerged. Elon Musk's electric car firm Tesla has revealed first-quarter revenue that more than doubled and said its upcoming Model 3 was on schedule for July Chief Executive Elon Musk's bold approach to cars, space exploration and clean energy has fueled investor enthusiasm for Tesla, although skeptics are waiting to see if Musk can fulfill his promise of producing 500,000 cars per year in 2018, six times Tesla's 2016 production. Tesla's comments underscored the additional challenge of keeping up demand for its older models. Shares were down about 1 percent in after-hours trade following the results.