Tesla (TSLA) Reports Q3 Deliveries of 24,500, Above Most Views

October 2, 2016 2:28 PM EDT
Get Alerts TSLA Hot Sheet
Trade TSLA Now!
Join SI Premium – FREE

Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.

Tesla (NASDAQ: TSLA) delivered approximately 24,500 vehicles in Q3, of which 15,800 were Model S and 8,700 were Model X. This was an increase of just over 70% from last quarter's deliveries of 14,402. Tesla said its Q3 delivery count should be viewed as slightly conservative, as they only count a car as delivered if it is transferred to the customer and all paperwork is correct.

Baird analyst Ben Kallo said any delivery number above 20k vehicles would be viewed as positive and estimated 12,000 Model S deliveries and 9,000 Model X deliveries. Meanwhile, analysts at Pacific Crest expected 22,000 total deliveries.

In addition to Q3 deliveries, Tesla said about 5,500 vehicles were in transit to customers at the end of the quarter. These will not be counted as deliveries until Q4.

Production rose to 25,185 vehicles in Q3. This was an increase of 37% from Q2 production of 18,345.

Tesla expects Q4 deliveries and production to be at or slightly above Q3, despite Q4 being a shorter quarter and the challenge of delivering vehicles in winter weather over holidays. Guidance of 50,000 vehicles for the second half of 2016 is maintained.

Finally, the company notes that starting in Q3, the company's quarterly financial releases will no longer include non-GAAP revenue and related financial metrics resulting from vehicles leased through banking partners or that include resale value guarantees. They will, however, continue to provide additional supplemental information to investors to provide insights into its business.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Guidance, Hot Corp. News, Hot Guidance

Related Entities

Robert W Baird, Pacific Crest Securities, Tesla, Earnings, Ben Kallo

Add Your Comment