Wed, Feb. 11, 5:39 PM
- Tesla Motors (NASDAQ:TSLA) announces it delivered 9,834 vehicles in Q4. 11,627 vehicles were produced, leading the company to hit a 2014 production target of 35K Model S units.
- Q4 results were hurt by delayed Model S P85D deliveries caused by "a combination of customers being on vacation, severe winter weather and shipping problems." The company also blames "one-time manufacturing inefficiencies related to the introduction of P85D and Autopilot functionality, and the impact of the strong dollar."
- Tesla expects to ship 55K Model S and X units in 2015, yielding more than a 70% Y/Y increase in deliveries. 40% of the deliveries are expected in the first half of the year.
- Q4 non-GAAP gross margin was 26.7% vs. 23.0% in Q3 and 25.2% a year ago. Automotive gross margin was 22%. Operating expenses rose 15% from Q3 to $297M.
- Q1 production is only expected to be at 10K vehicles, and deliveries at 9.5K (+47% Y/Y). Automotive gross margin is expected to be at 26%, and operating expenses are expected to rise 12%-15% from Q4.
- Tesla took in $42M from powertrain sales during Q4 and $86M in regulatory credits. The company entered 2015 with over 10K Model S orders and nearly 20K Model X reservations.
- A conference call is scheduled for 7:30 PM ET (webcast).
- Tesla shareholder letter (.pdf)
- TSLA -2.4% after hours.
- Previously: Tesla misses by $0.44, misses on revenue
Wed, Feb. 11, 5:21 PM
Tue, Feb. 10, 5:35 PM
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Nov. 5, 2014, 4:36 PM
Nov. 5, 2014, 4:30 PM
- 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.
Jul. 31, 2014, 4:19 PM
- 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.
Jul. 31, 2014, 4:08 PM
May. 7, 2014, 4:22 PM
- Tesla (TSLA) produced 7,535 Model S units in Q1, up from Q4's 6,587 and above guidance of 7,400. The company delivered 6,457 units, slightly above guidance of 6,400 but below Q4's 6,892.
- Tesla expects to produce 8.5K-9K Model S units in Q2, and to deliver 7,500. Leases are only expected to account for ~200 deliveries due to lead times.
- Gross margin was 25.4%, +20 bps Q/Q in spite of a $2M reserve for underbody shield retrofits. GM is expected to improve slightly Q/Q in Q2, and to reach 28% in Q4.
- SG&A spend rose 150% Y/Y to $117.6M, R&D spend rose 17% Q/Q and 48% Y/Y to $81.5M. SG&A is expected to grow 15% Q/Q, and R&D 30%.
- Operating cash flow was $61M, and capex totaled $141M. The full-year capex forecast is still at $650M-$850M.
- The company expects to be "marginally profitable" in Q2; the EPS consensus is at $0.27. Full-year free cash flow is expected to be slightly negative.
- Shares -4.9% AH
- Q1 results, shareholder letter (.pdf)
May. 7, 2014, 4:08 PM
Feb. 19, 2014, 4:09 PM
Feb. 19, 2014, 12:10 AM| 5 Comments
Feb. 18, 2014, 5:35 PM| Comment!
Nov. 5, 2013, 4:36 PM
- Tesla Motors (TSLA) says excluding the much-dissected ZEV revenue it grew non-GAAP revenue by 18% Q/Q during Q3.
- Development work on the Model X has accelerated which accounted for some of the R&D spend.
- The company thinks further gross margin improvements beyond the targeted 25% mark are "likely" and sees Q4 capex spending of $75M-$85M.
- Letter to shareholders (.pdf)
- TSLA -10.1% AH as the automaker didn't quite dazzle with its production numbers for Q3 and target for Q4 while staying mum on 2014 until the conference call.
Nov. 5, 2013, 4:10 PM
Aug. 7, 2013, 4:19 PM| 66 Comments
Aug. 7, 2013, 4:13 PM
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