Design Engineering

Tesla delivers record number of sedans in 3Q

By Canadian Press   

General Automotive electric vehicle Tesla Motors

Losses on engineering costs double over last year for electric vehicle maker.

14-Nov-Tesla-Model-S-625DETROIT — 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



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