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Tesla Reports Q3 Earnings; Delivers Record 11,603 Vehicles

Tesla Motors reported Total Q3 non-GAAP revenue of $1.24 billion for the quarter, up nearly 33% from a year ago. Losses for the quarter widened to $230 million, an increase over the $75-million loss in Q3 2014.

On an unadjusted (GAAP) basis, Tesla’s total revenue was reported at $937 million, down from Q2’s $955 million, ahead of analysts’ expectations. It was also up from the Q3 one year prior which recorded $852 million. Tesla’s losses however more than doubled with increased cash burn and research costs driving it to $229.9 million.

Tesla plans to invest about $500 million in Q4, which will bring the projected total capital expenditures for this year to about $1.7 billion. The increase in spending is primarily due to accelerated investments in the Gigafactory, further vertical integration of seat assembly and other manufacturing activities, as well as faster milestone execution by certain suppliers for Model X manufacturing equipment and tooling.

Tesla built a record 13,091 vehicles during the quarter, while delivering a high-water mark of 11,603 units, including some Model X crossovers. In Q4, Tesla plans to build 15,000 to 17,000 vehicles, and to deliver 17,000 to 19,000 vehicles, which will result in 50,000 to 52,000 total deliveries for the year.

Tesla expects that Model X will achieve steady state production capacity during Q1 2016, and held to its forecast of average production and deliveries of 1,600 to 1,800 vehicles per week for Model S and Model X combined during 2016. After Model X production stabilizes in Q1 2016, it expects Model X gross margin to improve rapidly and become comparable to Model S gross margin over the next several quarters, even given the launch of a lower priced version of Model X with a smaller battery pack during 2016.

Tesla said its new Autopilot feature is being enabled on about 40,000 Model S and Model X vehicles globally, giving these cars the ability to steer within a lane, change lanes with a tap of a turn signal and parallel park autonomously. Autopilot also reduces front and side collision risk and helps keep the car on the road should the driver become distracted. Tesla customers logged almost 250 million miles in Q3, for a total of nearly 1.5 billion miles to date.

Tesla began production of Tesla Energy products in Q3 at the Fremont plant. Faced with growing demand for Powerpacks and Powerwalls, the company accelerated plans to expand manufacturing capacity. In early Q4, it relocated production from Fremont to an automated assembly line at the Gigafactory. The Gigafactory pull-ahead will push some Tesla Energy Q4 production and deliveries into Q1 2016.

Tesla said it was seeing very strong demand for Tesla Energy products globally, and particularly in Australia, Germany and South Africa. The company has accelerated plans to begin cell production for Tesla Energy products at the Gigafactory by the end of 2016, several quarters ahead of initial plan.

Nov 4, 2015Blagojce Krivevski
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Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

November 4, 2015 Electric Car Newstesla, Tesla Earnings, tesla motors, tesla motors earnings, Tesla Motors Sales, tesla sales
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