- Tesla Motors (NASDAQ:TSLA) announces it produced 13,091 vehicles in Q3 and delivered 11,603 new units. Annual guidance is now for 50K-52K units delivered this year, a reduction on the high end of the range.
- Q3 automotive gross margin was 23.7%, excluding $39M of ZEV credit revenue. Total gross margin was reported at 25.1% on a non-GAAP basis and 24.7% on a GAAP basis.
- A higher mix of Model X sales in Q4 is expected to help boost the company's average vehicle selling price.
- Q4 gross margin is expected to fall on a sequential basis as higher Model X overhead factors in.
- Annual capex spending of $500M is anticipated for Q4.
- The Model 3 will be unveiled next March. No specific targets for the Model 3 product timeline were disclosed.
- The ramp for Tesla Energy products from the Gigafactory is ahead of schedule. More details are expected on the company's conference call which is scheduled for 5:30 PM ET (webcast).
- Tesla shareholder letter (.pdf)
- Previously: Tesla misses by $0.08, misses on revenue (Nov. 3)
- TSLA +7.28% after hours to $223.16.