Tesla's first-quarter losses this year widened in comparison to the previous year despite the fact that the company reported an increase in its revenue. This notwithstanding,  two key executives from the company have announced their departure from the firm.

On Wednesday, the electric carmaker reported its quarterly loss at $283 million while its revenue jumped 22 percent to touch $1.15 billion. Its loss for the same period last year stood at $154.2 million. Sales for the corresponding period was reported at $940 million. The company has revealed that it plans to increase its annual production to half a million vehicles.

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Tesla has also disclosed that it is no longer striving to achieve a positive cash flow in 2016. The company is looking to focus its efforts on promoting its upcoming Tesla Model 3 which is priced upward of $35,000. The company plans to sell 500,000 pieces of this vehicle by 2018.

Its wider quarterly loss is not the only issue that Tesla is facing at the moment as two of its top executives have recently have left the company. These executives are Greg Reichow and Josh Ensign, Production and Manufacturing Vice President respectively. Since its inception in 2003, Tesla has lost quite a few executives to its upcoming rivals and other technology companies.

Speaking at a press conference, Tesla CEO Elon Musk said, "Tesla is going to be hell-bent on becoming the best manufacturer on earth. Thus far, I think we've done a good job on design and technology on our products." The company has set a target to sell 80,000 to 90,000 cars this year.

Tesla already has about 400,000 advance booking for its Model 3. Some of the advances was used for repaying $350 million of its credit line.

TagsTesla, Elon Musk, Model 3