Tesla Motors Inc. (NASDAQ:TSLA) Earnings ResultsDate Published: 2016-08-03
Author: Ophir Gottlieb
Tesla reported earnings after the close and the results were mixed, but the future is not.
Tesla Motors reported revenue of $1.56 billion, missing analyst forecasts of $1.63 billion. Further, the company reported a loss of $1.06 earnings per share versus consensus estimates of a $0.60 loss.
But, Tesla reported vehicle deliveries of 14,042 which was slightly higher than forecasts of 14,307. The even bigger news came on the guidance for the rest of the year.
Tesla reiterated its guidance for 50,000 vehicle deliveries for just the second half of 2016. As a reminder, Tesla Motors delivered 50,000 vehicles in all of 2015.
Tesla also announced that it had completed the design of its Model 3, or as the company put it, "Pencils Down." The first ever large scale aesthetic change to the famed Model S was completed and a lower cost version of the Model S was also introduced with a smaller battery and a cost coming in about $10,000 less than the original vehicle.
The timeline to get the Gigafactory up and running has been shortened considerably, with 1,000 Gigafactory employees now working 24 hours a day, 7 days a week, to complete it.
Further, Tesla raised $1.7 billion in cash from stock sales. But, the biggest news for Tesla Motors Inc was the production capacity. Here's a quote:
The author is long shares of Tesla.
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