Tesla Motors Inc (TSLA) Reports Q3 Vehicle Deliveries; Can It Meet 2015 Target?
Shares of Tesla Motors Inc (NASDAQ:TSLA) gained 3.21% to $247.57 on Oct 2, after the electric carmaker reported record high vehicle deliveries for the third quarter of 2015. Tesla delivered 11,580 vehicles in the quarter, representing an impressive 49% improvement over the third quarter of 2014. Notably, the figure includes the initial deliveries of Model X.
This takes total deliveries in the first nine months of 2015 to nearly 33,157 units. Tesla expects to deliver about 50,000–55,000 Model S and Model X vehicles globally in 2015. This means that the automaker needs to deliver 16,843–21,843 vehicles in the fourth quarter to meet its annual target.
Although the addition of Model X deliveries will augment Tesla’s fourth-quarter delivery figure, the target is significantly higher than the company’s current quarterly delivery record. Thus, it may be difficult for the automaker to achieve its 2015 delivery target.
Meanwhile, Tesla stated that there might be a marginal revision (less than 1%) in the third-quarter delivery figure as it counts a delivery only after the vehicle is handed over to the end customer and the paperwork is accurate. The company also clarified that its quarterly financial results do not depend solely on vehicle deliveries, but also on other factors such as cost of sales, foreign exchange movements and mix of directly leased vehicles.
Tesla started reporting its quarterly vehicle delivery data from the first quarter of 2015 in order to dispel incorrect estimates usually made using erroneous information sources. The electric carmaker now reports its vehicle delivery volume within three days of every quarter end.
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