Tesla has been ramping up production recently, but its first quarter report shows that this doesn’t always mean bigger earnings. Indeed, revenues have grown to all-time high of $2.7bn – particularly driven by record vehicle deliveries, which pushed its automotive revenue well above the $2bn mark. After revenues from the rest of the business shrank briefly from Q3 to Q4 last year – enough to pull down total revenue, too – the latest report suggests that Tesla’s non-automotive business, focused on energy generation and storage, is back on track for growth. But despite all this, Elon Musk’s company is a long way from turning profitable: the company hit another record, but this one was net losses, which it $400m. Having said that, Tesla’s share price has now pretty much recouped the 6%+ tumble it took after the announcement last week. It might be well behind the other two of the ‘new Big Three’ in terms of profits and deliveries, but Tesla’s not America’s most valuable car manufacturer for no reason.