Tesla Motors Inc. (NASDAQ:TSLA) said in its first-quarter earnings statement released Wednesday that it's confident it will deliver “approximately 55,000” electric cars this year, maintaining its previously stated target. Crucially, Tesla also said the highly anticipated Model X electric SUV is on schedule.

“They’re on track with Model X delivery for the third quarter,” said Standard & Poor’s equity analyst Efraim Levy. “Gross margins look roughly on target. China is an issue to resolve, but there’s optimism in Europe. Overall, it’s a net positive report.”

But Tesla is also burning through its cash. It reported spending of $132 million in the first three months to fund its operating activities compared to $60 million collected from its operations in the same period last year. Capital expenditures, or what a company spends for stuff like factory equipment and new projects, increased to $426 million from $141.3 million. Telsa ended the quarter with about $1.51 billion in cash.

Tesla Motors reported a wider loss of $154.2 million, or $1.22 per share, for the three months ended March 31, compared with $49.8 million, or 40 cents per share, in the same quarter last year. Revenue increased 51 percent to $939.9 million, from $620.5 million a year ago. The company says $22 million loss, or 17 cents per share, was linked to a stronger dollar. 

Analysts polled by Thomson Reuters had expected Tesla Motors to report a net loss of $115.1 million, or 89 cents per share, in the first quarter. Revenue was expected to increase to $1.04 billion.

The Model S luxury electric carmaker adjusted upward the number of cars it sold in the first quarter, to 10,045 units from 10,030 units. It said it expected to deliver between 10,000 and 11,000 units in the current quarter and to build about 12,500 vehicles, up 12 percent from a year ago. Last week, CEO Elon Musk unveiled a line of Powerwall home energy storage units as part of the company’s efforts to find a place in the slow but growing market for home, business and utility-scale microgrid-level energy storage.  

Tesla Motors Inc. (NASDAQ:TSLA) shares jumped nearly 2 percent, or $3.88, to $234.31 in afterhours trading despite reporting larger than expected losses and less revenue than Wall Street expected.