Tesla share price surges 10 per cent on open as firm reports jump in revenue
Shares in Tesla Motors leapt up 10 per cent on market open today, after the firm reported revenue of $936.8m (£607.5m) for the third quarter of 2015, up 10 per cent from $851.8m in 2014, late last night.
The company recorded net losses of $229.9m during the three months to 30 September, widening losses of $74.7m reported in the same period of last year, which it put down largely to weakness in foreign currencies.
The company revealed that it had produced 13,091 vehicles during the last three months, despite having to shut production for a week. The company also delivered 11,603 vehicles during the last quarter.
Tesla announced plans to build 15,000 to 17,000 vehicles during its fourth quarter and deliver 17,000 to 19,000 vehicles – putting total deliveries for the year at 50,000 to 52,000.
The firm said it is aiming to invest about $500m in the final quarter of the year, which will bring the projected total capital expenditures for this year to about $1.7bn. The increase in spending is primarily due to accelerated investments in the Gigafactory, further vertical integration of seat assembly and other manufacturing activities, according to Tesla.
"Our customers drove their cars almost 250m miles this quarter, for a total of nearly 1.5bn miles to date. We are looking forward to the day when we can tell you how far our cars have driven our customers, and to the introduction of many more innovative products manufactured and sold globally," said chairman and chief exec Elon Musk and finance chief Deepak Ahuja.