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Tesla pushes Model X delivery timeline back a bit, shares higher off Q3 beat

Nov. 05, 2014 4:30 PM ETTesla, Inc. (TSLA) StockTSLABy: Clark Schultz, SA News Editor11 Comments
  • 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.

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