Tesla Motors higher after profit beat and delivery guidance

|About: Tesla Motors (TSLA)|By:, SA News Editor

Tesla Motors (NASDAQ:TSLA) beats estimates in Q2 and delivers some re-assuring production guidance.

The EV automaker had 7,579 delivers in Q2 vs. 7,546 consensus.

Revenue for the quarter included $23M from Daimler and Toyota for powertrain purchases.

The gross margin rate of 26.8% in Q2 is in-line with the forecast of analysts and leaves Tesla with a little bit of catching up to do in 2H to meet its 28% target for the year.

Production guidance for Q3 is for 7,800 Model S deliveries. The mark is below expectations with the company citing a two-week production shutdown at its Fremont factory as the reason for the anticipated shortfall.

Tesla says it expects a delivery rate of over 100K unit by the end of next year if there are no serious macroeconomic calamities.

Ground has broken in Nevada on a "potential" Gigafactory site.

Tesla Motor letter to shareholders (.pdf)

TSLA +2.1% AH to $228.01.