Tesla delivers record number of sedans in 3Q

DETROIT — Electric car maker Tesla Motors set a quarterly record for deliveries of its Model S sedan, but its losses mounted due to increased engineering costs.

Tesla delivered 7,785 cars during the July-September period. That was slightly below its guidance of 7,800 but up 41.5 per cent from the same quarter a year ago. The company’s net loss, however, widened to $74.7 million for the quarter, or 60 cents per share, about double its loss from a year ago.

Accounting for leasing, stock-based compensation and other factors, Palo Alto, California-based Tesla Motors Inc. beat analysts’ expectations with earnings of 2 cents per share. Analysts polled by FactSet expected a loss of a penny. On that basis, Tesla also beat analysts’ revenue forecast, with revenue of $932 million. Analysts expected $892.1 million.

© 2014 The Canadian Press