Tesla is building the Model X at the same factory that makes its Model S sedan, which has slowed down production of that model line as well. As of this writing, Tesla shares are up roughly 7 to 8 percent in after-hours trading, hovering around $223 per share.
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Global orders for Model S are also picking up nicely having increased by 50% in the third quarter compared to past year.
Tesla Motors (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, November 3rd. “I think it will be quite unusual to see cars that don’t have full autonomy – let’s say for new auto production in the 15 to 20 years timeframe – and for Tesla it will be a lot sooners than that”, he said. Tesla’s operating expenses rose 43 percent during the quarter and included $52 million in stock-based compensation.
The Palo Alto electric-car company reported total revenue of $937 million – above Wall Street expectations, but a drop from second-quarter revenue of $955 million. That’s still far from the high of $270 reached before the company’s August 5 second-quarter earnings report, which laid out the company’s troubles in meeting previously promised annual targets amidst the ramp-up of production of its new electric SUV, the Model X.
German automaker BMW sounded a note of caution over its business in China as it reported a 20 percent increase in its third-quarter net profit from a year earlier, when financial charges reduced profit.
Tesla’s shareholder letter highlighted the safety – as well as performance – of the Model X, saying that “internal crash testing shows that Model X should receive the best ever safety ratings for an SUV”. “These factors add uncertainty to our build plans during Q4, but we feel emphasizing quality is the right decision for our customers”, the company said. The company’s revenue for the quarter was up 33.4% compared to the same quarter a year ago. Namely, Tesla Motors will make sure drivers hold their hands on the steering wheel. On an adjusted basis, the company lost 58 cents per share. Construction of the company’s Gigafactory is also said to be ahead of schedule. Tesla said there’s strong demand for Tesla Energy products in Australia, Germany and South Africa.
Down: The biggest losers by percent change were Aemetis, Imperva, Wageworks, Nimble Storage, Tesla Motors.
“Energy products” refers to Tesla’s lithium-ion batteries that can be used to store solar energy – allowing for load shifting and providing back-up power, and, in theory, enabling people to go entirely “off the grid”.
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