Electric car maker Tesla Motors Inc (NASDAQ:TSLA) provided a quarterly sales update yesterday that showed strong delivery growth for its vehicles.
The Palo Alto, CA-based company said it delivered 24,500 vehicles in Q3. 15,800 of those were Model S sedans, while the remaining 8,700 were its Model X crossover SUV. Those deliveries marked a 70% gain from Q2’s total of just 14,402. The company noted its final tally could also rise a bit, once all vehicle paperwork is accounted for.
Along with those deliveries, about 5,500 vehicles were in transit on their way to customers at the end of September. Those vehicles will count towards Tesla’s Q4 deliveries, however.
Quarterly production rose to 25,185 vehicles in Q3, up 37% from Q2’s yield of 18,345. Tesla’s ability to produce enough vehicles to meet demand has been a big hurdle in recent years, but the company seems to have turned a corner there.
Looking ahead, the company said its Q4 deliveries and production should be slightly above those in Q3. Tesla also left its previous guidance of 50,000 vehicles for the second half of 2016 unchanged.
Additionally, TSLA made a change as to how it will report some revenue in future earnings reports:
Finally, we note that starting in Q3, our quarterly financial releases will no longer include non-GAAP revenue and related financial metrics resulting from vehicles leased through our banking partners or that include resale value guarantees. We will, however, continue to provide additional supplemental information to investors to provide insights into our business.
Tesla shares rose $8.77 (+4.30%) to $212.80 in premarket trading Monday. Year-to-date, TSLA has still fallen 14.99%.