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   From: failure@barackobama.com   
      
   Tesla Motors Inc. reported a larger first-quarter loss compared   
   with a year ago Wednesday, but the report nearly was   
   overshadowed by the planned departure of two of the company's   
   key manufacturing executives.   
      
   The electric car maker also said it has ramped up production of   
   its new Model X sport utility vehicle, whose prior delays   
   contributed to the financial losses.   
      
   Tesla's first-quarter loss using standard generally accepted   
   accounting rules was $282.3 million, compared with a loss of   
   $154.2 million a year earlier.   
      
   Sales rose 22% to $1.15 billion from $940 million.   
      
   Tesla prefers to focus on its non-GAAP financial results, which   
   are adjusted for employee stock compensation, leasing factors   
   and other items, and those results were slightly better than   
   analysts had expected.   
      
   The automaker's non-GAAP loss in the quarter that ended March 31   
   was $75.3 million, or 57 cents a share. Analysts polled by   
   FactSet Research Systems Inc. had forecast a loss of 60 cents a   
   share.   
      
   Earlier in the day, Tesla confirmed that Greg Reichow, its vice   
   president of production, and Josh Ensign, vice president of   
   manufacturing, were leaving the Palo Alto company.   
      
   Those departures, coming just as Tesla is gearing up production   
   of the Model X and planning manufacturing for its upcoming Model   
   3, unsettled investors and drove Tesla's stock price down   
   sharply during regular trading. Its shares fell $9.76, or 4.2%,   
   to close at $222.56. But after Tesla announced its results, its   
   stock jumped 5% to $234.20 in late trading.   
      
   In addition to the Model X, Tesla builds its mainstay Model S   
   sedan. A month ago it unveiled the Model 3, a lower-cost sedan   
   that's expected to arrive in late 2017 with a base price of   
   $35,000.   
      
   Reichow and his team “deserve a lot of credit for building an   
   all-new manufacturing organization from the ground up and for   
   making Model S and Model X a reality,” Tesla Chief Executive   
   Elon Musk said.   
      
   “We're confident that with the strength of the team, high-   
   quality manufacturing at Tesla will continue,” he said.   
      
   Tesla said Reichow was taking a leave of absence “so that he can   
   have a well-earned break” and would remain at the company “as   
   long as necessary until his successor is on board.”   
      
   Musk later told analysts on a conference call that “Tesla is   
   going to be hellbent on becoming the best manufacturer on   
   Earth,” especially to meet its production goals with the   
   upcoming Model 3.   
      
   “Thus far I think we've done a good job on design and technology   
   of our products,” he said. “The key thing we need to achieve in   
   the future is to also be the leader in manufacturing.”   
      
   Tesla said its first-quarter production totaled 15,510 vehicles,   
   which trailed expectations, because of parts shortages and other   
   production glitches with the Model X. The shipments include   
   12,851 Model S vehicles and 2,659 Model X vehicles.   
      
   james.peltz@latimes.com   
       
      
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