Tesla beats expectations with Q1 revenue of $1 bn
07 May 2015
Tesla Motors yesterday revealed billion-dollar sales in its first quarter results yesterday.
According to Ben Kallo of Baird Equity Research, "Tesla beat estimates across the board, had stronger-than-expected production, and remains on track for initial Model X deliveries in Q3," adding, "We remain buyers at current levels."
Tesla rolled out 11,160 vehicles, a 10-per cent improvement on its guidance and delivered 10,045 vehicles in the quarter.
CEO Elon Musk said delivery for Tesla meant getting a car to the customer -- not into a dealer channel as with the traditional automakers.
The company posted a GAAP net loss of $154 million for the first quarter of 2015. According to commentators, judging by Musk's response at the Tesla battery unveiling, profit was not the prime objective for the chief.
Tesla's non-GAAP revenues stood at $1.1 billion, as against $713 million a year ago. GAAP revenue came in at $940 million.
According to the company, the Model X SUV was "on track for start of deliveries in late Q3." Tesla is banking on sales of its Model X to meet 2015 guidance.
Tesla remains "confident" in its ability to deliver "55,000 Model S and Model X vehicles combined in 2015."
"We continue to see growing Model S demand," reported the company in its shareholder letter.
"Q1 automotive revenue included $66 million of total regulatory credit revenue, of which $51 million came from the sale of ZEV credits."