Wednesday, November 6, 2013

Tesla stock falls as Model S sales miss expectations

 

Nov 5, 2013, 1:59pm PST

Tesla stock falls as Model S sales miss expectations


Daniel Acker
Tesla said it is now producing 550 Model S electric sedans per week.
Sarah Drake, Contributor
Tesla Motors Inc. shares plummeted more than 11 percent in after-hours trading when the electric car maker fell short of some analysts estimates on Model S deliveries. The car maker also missed on fourth-quarter profit forecasts, Reuters said.
The Palo Alto company reported adjusted earnings of 12 cents per share on $431.3 million in revenue versus an expected 11 cents per share on $535 million in revenue.
Elon Musk's electric car maker reported a loss of $38.5 million, an improvement over a $110.8 million loss during the same quarter last year.
In terms of GAAP reporting, Tesla lost 32 cents per share, worse than the 25 cents per share that was expected.
The key thing investors and analysts were watching was vehicle sales. Tesla delivered 5,500 Model S's, ahead of their own expectations of 5,000. Analysts were expecting close to 6,000 deliveries.
The company delivered more than 1,000 vehicles to European customers during the quarter. This is the first quarter that Tesla has reported on sales of its Model S in Europe. Earlier press reports said Norway led the pack in September with 616 cars delivered. CEO Elon Musk is looking to Germany as another market to boost sales.
Looking forward, the company plans to deliver just under 6,000 Model S vehicles in the fourth quarter, which ups the total expected deliveries to 21,500 vehicles worldwide for 2013.
Late last month, Tesla launched its West Coast Supercharger Corridor, with plans to take lay a corridor on the East Coast next.

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