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.
- Electrify America aims to simplify electric car charging - May 15, 2019
- Telling your neighbors about your electric car helps them over the hump - May 12, 2019
- Illinois EV tax echos question of road funding when gas taxes shrink - May 10, 2019
- Biden/Ukraine story getting more heat and suspiciousness - May 2, 2019
- Explosion at APS energy storage unit injures firefighters, casts doubt on energy storage - April 23, 2019
- No, Tesla is not phasing out the J1772 adapter - April 17, 2019
- Near destruction of the Notre Dame contains lesson in thinking ahead - April 16, 2019
- Nepotism bites VP Joe Biden as he starts 2020 Presidential run - April 13, 2019
- Tesla almost kills $35k Model 3, launches lease program, still shows misleading pricing - April 13, 2019
- Tesla CEO Elon Musk giving flawed charging advice on Twitter - April 11, 2019