Tesla Motors Exceeds Its Q3 Production Plan

(RTTNews) - Tesla Motors (TSLA) reported that the company exceeded its plan in third-quarter by producing 13,091 vehicles, including first Model X vehicles. During the quarter, the company delivered 11,603 vehicles, slightly above the number estimated in October announcement. In third-quarter, global Model S orders increased by more than 50% from a year ago.

Total third-quarter non-GAAP revenue was $1.24 billion for the quarter, up nearly 33% from a year ago, while GAAP revenue was $937 million. Analysts expected revenue of $1.26 billion for the quarter.

Tesla announced the company plans to build 15,000 to 17,000 vehicles, and deliver 17,000 to 19,000 vehicles in its fourth-quarter, which will result in 50,000 to 52,000 total deliveries for the year. The company said its Model S production and deliveries are on track to achieve its initial fourth-quarter plan.

Looking ahead, Tesla still remains highly confident of average production and deliveries of 1,600 to 1,800 vehicles per week for Model S and Model X combined during 2016.

The company said it has accelerated plans to begin cell production for Tesla Energy products at the Gigafactory by the end of 2016. This is several quarters ahead of the company's initial plan.