Tesla had gained 21% this year through Wednesday’s close, outpacing the 2.4% increase by the Russell 1000 Index.
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Updating on California-based Tesla’s performance, Mr Musk said the company would deliver between 50,000 and 55,000 cars this year, down from an earlier target of 55,000.
The SUV is set to have seven seats, a dual motor all-wheel drive system, semi-autonomous technology, and “Falcon Wing” doors, as well as giving buyers three battery power options – 60kWh, 85kWh and 85kWh.
Tesla is expecting to ship 12,000 electric vehicles during the current fiscal quarter, a 60% increase year-on-year, with its flagship Model S generating most of this business. Production will ramp up quickly in the fourth quarter. As he has said many times, Tesla only wants to delivery “great cars” and does not want to sacrifice quality for quantity.
The company also noted that its Gigafactory, which is now under construction, will offer expanded battery module and pack production as well as a more automated line when it enters into service.
Tesla’s shares fell $18.13, or 6.7 percent, to $252 in after-hours trading following the release of the earnings report.
Despite all the bullish news, Tesla also managed to burn through incredible amounts of money, with losses for the second quarter of 2015 standing at a whopping £118 million.
Several test models have already been produced to make sure the Model X production went off without a hitch, and from the sounds of it, all went well.
However, the launch of the SUV was pushed back, with no reason given for the delay, despite a strong order book.
The tesla financial results were posted online in a letter from the company’s chairperson and CEO Elon Musk and CFO Deepack Ahuja which showed the total non-GAAP revenue was US$1.2bn for the quarter, up almost 40pc from one year ago.
Elon Musk’s Tesla Motors lowered its guidance Wednesday for 2015 vehicle deliveries….
Researchers said that they plugged in their laptop into a network cable behind a Tesla Model S driver’s-side dashboard and were able to start the engine with a software command.
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However, the electric automaker has softened on that projection in its second quarter investor letter.
