In the third quarter, Tesla reported an adjusted loss per share of $0.58 against expectations for a $0.56 loss. Tesla delivered 11,603 vehicles in the quarter, slightly above its estimated deliveries of around 11,500.
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Total revenue rose 10 percent to $936.8 million.
Revenue was $1.24 billion, as expected.
The company has said it expects to deliver 50,000-55,000 vehicles in 2015, but to do this the company will need to build and deliver 17,000 in the fourth quarter, which would be a record.
Expeditors global of Washington (EXPD) – The company is projected to post its earnings for the current quarter at $0.60 a share on $1.79 billion sales. The Model X, the auto maker’s second volume vehicle, went on sale late in the quarter and didn’t affect the results.
The quarter marked the first, limited deliveries of the much anticipated luxury SUV.
GAAP net losses were $1.78 per share.
Tesla’s giant Gigafactory will begin production by the end of next year, putting the company several quarters ahead of schedule, Tesla said Tuesday.
CEO Elon Musk said, “Since the Model X launch event, order rates have accelerated for both Model S and Model X. Although it is too early to draw firm conclusions, this supports our belief that Model X expands the market for Tesla vehicles, with little to no cannibalization of Model S”.
Tesla’s third-quarter deliveries exceed expectations, which is excellent news for the burgeoning automaker.
The company reported on Tuesday that it had a negative free cash flow of about $596 million for the three months ending September 30.
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But shares climbed sharply after hours, up 7.3% to $223.56, as the company forecast fourth-quarter deliveries that showed the Model X could still hit its sales targets.
