Tesla Earnings Beat Expectations; Updates on Goals

Tesla Motors Earnings Q3

Tesla Motors Inc (NASDAQ: TSLA) reported earnings of 2 cents per share excluding certain expenses compared to analyst expectations of break-even and a profit of 12 cents in the year ago period.

Non-GAAP Revenue came in at $932 million +55% year over year, and beating analyst expectations of $895 million.

GAAP earnings came in at a loss of 60 cents per share or lose of $75 million.


Tesla Model S

Tesla Model S

Record Sales

The company sold 7,785 cars in Q3, which was a 65% increase over the September 2013 period and a new record.

Company says it will deliver 33,000 cars in 2014

Company delivered 7,785 cars which was just short of 7,800 expected but the company still believes they will deliver 33,000 cars instead of the 35,000 goal. Actions to increase production have created a 2,000 car deficit. The company still believes it will produce near 35,000 cars.

2015 Goal remain unchanged

While there is a bit of word play in the “100,000 car run-rate” by the end of 2015, the company says there is no change in meeting that goal. Company continues to scale up and invest to upgrade their capabilities to deliver 2,000 vehicles per week, which would exceed the run-rate goal.

No major platform changes to ramp up development

The company plans to ramp up development and thus does not for-see any major platform changes in the near term. Future investments in production will be “less disruptive”.

Model X deliveries to start in Q3 2015

Work continues to finalize testing of the Model X, and it is expected to be released in Q3 2015, several months later then expected

Gigafactory Update

Company announced that together with Panasonic they are making excellent progress towards the first cell production in 2016 which would be earlier than originally scheduled. Earlier operations will reduce ramp-up risks for the Model 3 and expand capacity for the Model S.


R&D and SG&A Operating expenses in Q4 are expected to grow by a non-GAAP 10%. The company expected to earn between 30 and 35 cents per share in Q4 on a non-GAAP basis.

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