Tesla Lost $75M in Q3 2015
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.
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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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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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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 :)