- Tesla Motors (NASDAQ:TSLA) says it delivered 7,785 Model S units in Q3 vs. company guidance of 7.8K and expectations from analysts in the 8K-8.2K range.
- As tipped in an Elon Musk tweet last week, deliveries in North America were up 65% Y/Y during the month of September.
- Non-GAAP gross margin was 23.0% vs. 26.8% in Q2 and 22% a year ago. Higher R&D expenses on the dual motor drive were a factor.
- Tesla took in $31M from powertrain sales during the quarter and $93M in regulatory credits.
- Guidance: Tesla expects to produce 35K for the full year and deliver 33K. Previous projections for 2015 are held firm. The automaker expects its non-GAAP gross margin rate to exceed 28% in Q4. Model X deliveries are slated to begin in Q3 of 2015, a few months back from initial projections.
- A conference call is scheduled for 5:30 PM ET (webcast).
- Tesla shareholder letter (.pdf)
- TSLA +4.8% AH to $242.00.