Tesla Reports a Loss for the Third-Quarter
Tesla Motors Inc. the electric car manufacturer reported a loss in the third-quarter earnings report. It said that the company's loss figures almost doubled when compared to last year's figure, to $75 million. The loss is attributed to the rising expenses of manufacturing, sales and development as the company tries to keep up with the growing demand.
The company's revenue doubled to $852 million as it delivered a record number of 7,785 Model S sedans during the quarter. Most of these vehicles were delivered in North America.
During the announcement of its earnings report, Tesla Motors Inc. said it will delay the dates of the initial deliveries of its much awaited Model X. The company says that the date could crossover to the third quarter of 2015. Tesla said that it wants to ensure that the all-electric vehicle should really "delight customer."
On Wednesday, Elon Musk, Tesla's CEO told the analysts regarding the delay. He said, "There's no big thing. There are a whole bunch of little things. It's really about getting the details right. I think people will appreciate that we got the details right."
Musk also mentioned about his expectations of increased orders and deliveries in 2015 and 2016 for the Model S to boost by fifty percent.
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