Tesla Lost $75M in Q3 2015

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Tesla continues to lose money but its deliveries are up.

The American automaker announced non-GAAP revenue of $1.24 billion and non-GAAP loss per share of $0.58 or $75 million for the third quarter of 2015. But as a young company, losses are expected with Tesla especially during a quarter that it launched the Model X crossover and is currently building the Gigafactory in Nevada.

Still, there’s good news for investors as Tesla produced a total of 13,091 vehicles last quarter and delivered 11,603 units. Tesla originally planned to sell 50,000 to 55,000 vehicles this year, which would be a 70-percent increase over 2014.

SEE ALSO: Tesla Model 3 to be Made in China for Local Market

The company also shared that sales were up “substantially” in China, although no definitive figures have been reported. Looking ahead to the next quarter, Tesla expects average vehicle sales prices to increase slightly with more deliveries of highly optioned Model X vehicles. In addition, it anticipates to deliver 17,000 to 19,000 vehicles in Q4 2015. As for the Gigafactory, cell production is scheduled to begin late next year, ahead of schedule. Lastly, Tesla reiterated that it plans to unveil its Model 3 car in March 2016.

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  • smartacus

    i just read that industry-wide sales for October are up 14% from one year prior, which means sales are still very healthy.
    So for Tesla to still be bleeding cash to the tune of $75M in Q3 can only mean one thing:
    Another opportunity for Elon Musk to spray blame onto everyone and everything else like a lawn sprinkler 🙂