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Tesla lost $75 million in the third quarter
Tesla Motors have announced a 75 million loss for the third quarter. Nevertheless, the company strongly believes in a brighter future.
Tesla has high hopes for the future, especially for the electric Model X SUV, but for now the numbers don’t quite add up. Although Tesla had beat the gloomy forecast for the third quarter, the 75 million dollars loss is still significant. This deficit translates by 58 cents a share, two cents more than was expected. In terms of more conventional accepted accounting principles, the net loss is 229,9 million dollars for the third quarter, or 1,78 dollars a share, compared with a deficit of 74,7 million dollars, or 60 cents a share, a year earlier. The deliveries of Tesla’s models were marginally higher than expected, with 11,603 cars, leading to a total income of 936,8 million dollars for July-September time frame, a 10 percent increase. “Overall, our net Q3 takeaway is positive”, said analyst Efraim Levy of S&P Capital.
Tesla forecasts for the last quarter that deliveries will be somewhere between 17,000 and 19,000 units and also expects to hit the adjusted 50,000 target number – down from the optimistic prediction of 55,000 cars. For the next year, the company intends to produce 2,000 units per week of Model S and new X SUV. There are high hopes from Tesla for the X model: “Although it is too early to draw firm conclusions, the accelerated order rates for both Model S and Model X supports our belief that the new SUV expands the market for Tesla”, asserted Efraim Levy. The company also expects good prospects from China’s market and believes in a successful launch of the Model 3. The orders for the latter are due for March 2016.
Via Detroit Free Press