7/27/2019 Tesla Motors Third-Quarter Earnings_ Model X Release Delayed Until Late 2015

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Tesla Motors Third-Quarter Earnings: Model X Release Delayed Until Late 2015

Tesla Motors said in its third-uarter earnings re!ort released "ednesday that its highly anti#i!ated Model X #rosso$er release %ill &e delayed until the

third uarter o' 2015( #iting )signi'i#antly *ore $alidation testing ti*e+) This is the 'ourth delay 'or Tesla,s luury ele#tri# #rosso$er that %as originally due

out last year and %as *ore re#ently res#heduled 'or the s!ring o' 2015+

Tesla re!orted a net loss o' ./+/ *illion( *ore than the .+5 *illion in losses in the sa*e uarter last year as the #o*!any e!ands its glo&al net%or3 o'

#harging stations( !re!ares 'or the introdu#tion o' the Tesla Model X #rosso$er( and in$ests in &uilding its *assi$e &attery !rodu#tion 'a#ility in 4e$ada+

The alo 6lto( 7ali'ornia( #ar #o*!any said "ednesday in its third-uarter earnings re!ort that it deli$ered /(/5 #ars &ut *anu'a#tured signi'i#antly 'e%er

Model S sedans than it had esti*ated in its se#ond-uarter re!ort+

8or Tesla Motors( 'inan#ial nu*&ers *atter( &ut *ore i*!ortant than anything is ho% *any #ars the #o*!any is selling and ho% *any it,s !rodu#ing+ The

delay o' the Model X *eans the #o*!any %ill s!end another si *onths selling its sole Model S sedan and #ould i*!a#t the release o' the su&-.0(000

Model that,s due out in 201/+

The #o*!any #ites delays in the !rodu#tion and deli$ery o' its $ehi#les as a ris3 'a#tor that #ould ad$ersely i*!a#t its 'ore#asting+

Sales #a*e #lose to *eeting Tesla9s !re$ious esti*ate o' /(00 'or the uarter( u! 'ro* 5(510 in the sa*e uarter last year( &ut the !rodu#tion 'igures 'ell

signi'i#antly short o' the (000 #ars the #o*!any said it %ould !rodu#e in the three *onths ending Se!t+ 0+

;The ra*! to our target !rodu#tion rate too3 longer than e!e#ted due to syste* integration #hallenges( redu#ing our !rodu#tion &y al*ost 2(000(< the

#o*!any said in its letter to shareholders released a'ter *ar3ets #losed in 4e% =or3 on "ednesday+

>n$estors shrugged at the !rodu#tion 'igures+ Telsa9s share !ri#e %as u! o$er 5 !er#ent in a'ter-*ar3et trading( to .2+11( a'ter losing o$er !er#ent

throughout the day ahead o' the earnings announ#e*ent+

Re$enue 'or the uarter %as . *illion( u! 'ro* .0+2 *illion in the sa*e !eriod last year as unit sales #ontinue to in#rease+ Tesla said de*and 'or the

Tesla Model S #ontinues to e#eed su!!ly+ 6nalysts !olled &y Tho*son Reuters had e!e#ted Tesla to *a3e .+ *illion in re$enue and nearly .2 *illion

in !ro'it+

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