Tesla Motors today released results for Q3 2013 showing they exceeded sales estimates by a big margin, but as a business they’re still running at a loss (on a GAAP basis). Tesla’s management is taking pains to show both non-GAAP and GAAP financial results, the only ones that count, hence what I look at as a reporter, is the GAAP results. The difference arises from the “lease accounting for our resale value guarantee (RVG) and employee stock based compensation as a result of the increase in our stock price last year.”
The company sold 22,477 Model S’s over the year, when their estimates had been 21,000 sales. Additionally they had significant drive train revenue from both Toyota and Daimler, and some revenue from regulatory stuff. No revenue came from ZEV credits, as expected.
For 2014 they plan to increase Model S production to over 35,000 cars, and implement sales in China and other places. Current sales are in the USA, Canada, and parts of Europe.
The Model X is supposed to start limited production at the end of 2014, with production ramping up during 2015. That’s the pattern they followed for the Model S, and it’s worked well for them so far.
I don’t have time to properly write this up – so here’s the shareholder letter they sent.
- Is there enough Grid Capacity for Hydrogen Fuel Cell or Battery Electric cars? - April 23, 2023
- Is Tesla finagling to grab federal NEVI dollars for Supercharger network? - November 15, 2022
- Tesla announces the North American Charging Standard charging connector - November 11, 2022
- Lightning Motorcycles adopts Silicon battery, 5 minute charge time gives 135 miles range - November 9, 2022
- Tesla Autopilot under US Dept of Transportation scrutiny - June 13, 2022
- Spectacular CNG bus fire misrepresented as EV bus fire - April 21, 2022
- Moldova, Ukraine, Georgia, Russia, and the European Energy Crisis - December 21, 2021
- Li-Bridge leading the USA across lithium battery chasm - October 29, 2021
- USA increasing domestic lithium battery research and manufacturing - October 28, 2021
- Electrify America building USA/Canada-wide EV charging network - October 27, 2021