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Tesla production accelerates production

Monday, October 3, 2016 8:25
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Tesla Motors Inc (NASDAQ:TSLA) reported a 70% increase in deliveries of its electric vehicles in the third quarter.

In the last three months it delivered around 24,500 cars, including 15,800 of the luxury five-door Model S and 8,700 of the Model X. 5,500 vehicles were currently in transit to customers.

The car-maker said it had ramped up production by 37% to over 25,000 cars.

Tesla said it expected deliveries and production in the final quarter to be slightly above despite the challenges of delivering vehicles in winter weather.

The group maintained its second half production guidance of 50,000 vehicles.

It also announced that quarterly financial releases will no longer include non-GAAP revenue and related financial metrics resulting from vehicles leased through its banking partners or that include resale value guarantees.

In August, Tesla reported its thirteenth consecutive quarterly loss. The announcement comes amid a number of controversies, particularly surrounding the safety features of its autopilot feature.

Founder Elon Musk last week announced his ambitious project to begin colonisation of Mars as soon as 2022.

SpaceX, Musk’s research group dedicated to interplanetary travel, has suffered a number of mishaps recently. Last month, its flagship spacecraft erupted into a fireball before launch along with the Facebook satellite it was carrying. Musk called it the group’s “most difficult and complex failure so far”.

Story by ProactiveInvestors


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