Tesla said it delivered about 5,500 vehicles, including about 1,000 Model S electric sedans to European clients, in the third quarter.
In a letter to shareholders, Tesla CEO Elon Musk said the automaker plans to deliver about 6,000 vehicles in the fourth quarter, bringing the annual sales tally to about 21,500 units, up from a previous estimate of 21,000.
Tesla said it is now producing 550 cars per week and said its vehicle gross margins rose from 14 percent to 21 percent.
Tesla said its suppliers continue to expand capacity to meet its production targets.
Musk said the company recently revised its 2011 supplier agreement with Panasonic, a key supplier.
“Panasonic will increase its production capacity of automotive grade lithium ion battery cells to supply Tesla with a minimum of 1.8 billion cells over four years, more than three times our previous agreement,” Musk said.
Elon Musk said it would boost research and development spending in the fourth quarter by 25 percent as it accelerates development on its planned Model X SUV due out next year.
Tesla Motors said it earned $16 million in third-quarter net income on $603 million in revenue for the quarter.
In the second quarter, Tesla gained $51 million in revenue from trading zero-emission vehicle (ZEV) credits. But third quarter revenues from ZEV credits were just $10 million as the automaker weaned itself from the regulatory exemption.
