Bloomberg News/Landov A Tesla Model 3 displayed in Los Angeles last year.Tesla Inc. late Wednesday reported first-quarter results that surpassed Wall Street expectations and said it had made “significant progress” on Model 3 production, but the beat elicited a muted reaction from investors and shares tanked by the time the post-results conference call was over. Tesla TSLA, +0.41% said it lost $709.6 million in the quarter, or $4.19 a share, compared with a loss of $330.3 million, or $2.04 a share, in the year-ago period. Adjusted for one-time items, the company lost $568 million, or $3.35 a share, compared with $215 million, or $1.33 a share, in the year-ago quarter. Sales rose to $3.41 billion, compared with $2.70 billion a year ago. Analysts polled by FactSet had expected an adjusted loss of $3.54 a share on sales of $3.28 billion for the quarter. GAAP losses were $4.04 a share.via