Tesla reports smaller loss than expected in Q4

Elon Musk's Tesla Motors reported revenue which was higher than analysts expected on Wednesday, as well as shortening its loss for the quarter to $0.69 per share.

Wall Street analysts had forecast that the electric car maker would lose $1.04 per share. The company brought in a total of $2.28bn in revenue during the final quarter of 2016, compared with the $2.13bn originally expected.

Tesla is coming off the back of its acquisition of another of Musk's companies - SolarCity. The merger had received significant opposition from Tesla shareholders before the deal was eventually approved and the purchase completed for $2.6bn.

The company also announced that its current chief financial officer Jason Wheeler would be resigning from his position, to be replaced by former CFO Deepak Ahuja.

In a press release accompanying the earnings report, Musk said it planned to release its Model 3 vehicle in the near future, despite worries about how much cash Tesla has on hand.

"I think it makes sense to raise capital to reduce risk," Musk said, adding that a delay in bringing out the vehicle would bring the company "closer to the edge".

While Tesla beat expectations for its quarterly results, concerns will still be rampant about its constant cash bleeding, as evidenced by its $448m loss from operating activities in the period.

Tesla shares were trading 1.52% higher in after-hours trading following the release of its results.