Tesla Non-GAAP Profit Rises on Record Model S Output

May 7 2014, 3:56pm CDT | by

Tesla Motors reported that that its first-quarter non-GAAP profit rose on record production of Model S sedans.

The Palo Alto, California maker of electric cars said its non-GAAP profit totaled $17 million, up from $15.4 million in the year-earlier period. On a per-share basis, the figure was 12 cents, the same as 2013′s first quarter. Tesla posted a net loss for the quarter of $49.8 million compared with year-earlier net income of $11.2 million.

Tesla produced 7,535 Model S sedans in the quarter and delivered 6,457, “slightly exceeding” the company’s previous estimate, according to a statement. Tesla delivered its first cars in China last month and wants “to expand in China as fast as possible,” the company said.

Revenue rose 10 percent for the quarter to $620.5 million from a year earlier. On a non-GAAP basis, revenue totaled $713 million, up 27 percent from a year earlier, according to Tesla’s statement.

The electric-car maker, led by CEO Elon Musk, also said it’s “on track” to deliver “more than 35,000″ cars this year. The company also said it’s “gigafactory” project is still on pace to begin battery cell and pack production in 2017. Tesla still hasn’t selected “the ultimate location” for the complex but is going to start work “on at least two locations in parallel” to avoid delays. The gigafactor will reach peak output in 2020, Tesla said.

Tesla projected second-quarter Model S deliveries of 7,500 cars, with production rising of 8,500 to 9,000 vehicles during the quarter. That would be an increase of as much as 19 percent over first quarter output levels.

Tesla said it’s making more cars than it’s selling “because of the growing pipeline of in-transit cars to Asia and Europe.” Tesla’s goal for 2014 Model S deliveries is 35,000 cars.

 
 
 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Chrysler hit with largest NHTSA Penalty Ever
Chrysler hit with largest NHTSA Penalty Ever
The Department’s National Highway Traffic Safety Administration (NHTSA) announced a $105 million penalty for Chrysler.
 
 
10 Improvements Found in 2016 Mazda MX-5 Miata
10 Improvements Found in 2016 Mazda MX-5 Miata
Mazda is ready with its fourth generation 2016 Mazda MX-5 Miata Roadster.
 
 
Honda Accord 2016 Features Apple CarPlay and Android Auto
Honda Accord 2016 Features Apple CarPlay and Android Auto
The all-new 2016 Honda Accord will be the first Honda model and among the first high-volume cars in the marketplace to feature Apple CarPlay and Android Auto.
 
 
Chrysler sends out 1.4 million USB Sticks to Prevent Car Hacking
Chrysler sends out 1.4 million USB Sticks to Prevent Car Hacking
The Wired story about remotely taking control of a Jeep Cherokee has scared Chrysler owners around the world. Now the company takes preemptive measures to make their cars save again.