Tesla’s third-quarter deliveries top its estimate, shares jump

Reuters
Tesla CEO Elon Musk speaks about new Autopilot features during a Tesla event in Palo Alto
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Tesla CEO Elon Musk speaks about new Autopilot features during a Tesla event in Palo Alto, California October 14, 2015. REUTERS/Beck Diefenbach

(Reuters) – Electric car maker Tesla Motors Inc (TSLA.O) delivered more vehicles in the third quarter than it had previously estimated, helped by the rollout of the Model X SUV.

Shares of the Elon Musk-led company jumped 7.5 percent in extended trading.

Tesla said on Tuesday it had delivered 11,603 vehicles in the quarter, slightly more than 11,580 it estimated in October.

The company said it expected to deliver 17,000-19,000 vehicles in the current quarter.

Tesla started delivering the Model X Signature series, a premium version of the Model X SUV, late in September. The company said it would launch the Model 3 – a mass-market vehicle starting at $35,000 – in March.

The company’s net loss widened to $229.9 million, or $1.78 per share, in the quarter ended Sept. 30 from $74.7 million, or 60 cents per share, a year earlier. (http://bit.ly/1HpuA9R)

Total revenue rose 10 percent to $936.8 million.

Excluding items, Tesla had a loss of 58 cents per share.

The California-based shares were trading at $224 after the bell.

(Reporting by Devika Krishna Kumar in Bengaluru; Editing by Kirti Pandey)

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