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Tesla Model S
It actually reported a GAAP loss of $38 million, but adjusted results were earnings of $16 million

Tesla Motors stock took a tumble when its third quarter financial results for 2013 revealed that the automaker shipped less Model S' than expected for the three months. 

For Q3 2013, Tesla reported 5,500 Model S deliveries (about 1,000 of those went to Europe), but Wall Street expected around 5,850. Tesla also predicted that it would ship about 6,000 Model S' in the fourth quarter, but again, Wall Street forecasted a little higher at about 6,600. 

But Tesla raised its guidance for the year, saying it will deliver 21,500 cars in 2013 instead of the 21,000 originally expected. It has ramped up production to 550 cars a week. 

According to Tesla CEO Elon Musk, there's a lot of demand for the company's electric vehicles in North America, but U.S. sales may not meet expectations because Tesla has to keep an eye on capacity and start delivering EVs to Europe. The limited global supply of battery cells remain an issue.

But Tesla just increased its order of EV battery cells from Panasonic to almost 2 billion lithium ion cells, which Panasonic will provide from now until 2017. This is a pretty significant increase from the 200 million cells Tesla is expected to have received from Panasonic in the two years ending this December.

Tesla also reported a GAAP loss of $38 million (32 cents a share) on revenue of $431 million. Wall Street only expected a loss of 25 cents a share. 

But the adjusted results using non-GAAP methods were earnings of $16 million (12 cents a share) on revenue of $603 million. The non-GAAP forecast by Wall Street was 11 cents on revenue of $535 million, meaning Tesla exceeded predicted figures.

However, Tesla's stock price fell more than $20, or 11.5 percent, to $155 in the first three hours of after-hour trading once the Nasdaq exchange closed Tuesday. 

But Tesla's stock has fluctuated a ton, with a 52-week high of $194.50 and a 52-week low of $29.33. For the year, it's up more than 400 percent.

The company said that cash on hand at the end of the quarter was $796 million, which is a boost from $49 million the previous quarter. 

Looking much further ahead, Tesla is putting a rough production date on its upcoming Model X, which is an electric crossover SUV expected to start production in late 2014.

The International Business Times just snagged this quote from Musk about the latest Model X release date:

"I think for the X, we are aiming for maybe a few units at the end of next year, but volume production is -- it's a high volume production is probably Q2 2015, so high volume mean volumes comparable to the Model S at that time."

Tesla initially planned to begin Model X production by the end of 2013 with deliveries beginning early in 2014. That schedule was adjusted earlier this year for production to start by the end of 2014. While it looks like Tesla will still push out a few models at that promised date, it's looking more like 2015 is when production will really get going.

Source: Tesla Motors





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