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Tesla Motors Inc forecast deliveries of Model S sedans and Model X SUVs that topped analysts’ estimates and said hello expects to show in a profit in 2016, sending its shares 15 percent higher in after-hours trading.
The electric car maker has long enjoyed the status of Silicon Valley darling because of its brash innovation in electric cars.
Its technological prowess – such as adding features through over-the-air software upgrades – and bold design have been a thorn in the side of Detroit’s traditional automakers, who’re but now beginning to fight.
Tesla said it planned to provide 80,000-90,000 Model S and Model X vehicles of in 2016, ahead of Wall Street’s average expectation for around 79,000 vehicles, based on research firm FactSet StreetAccount.
The loss-making company also said it planned to attain profitability with an adjusted basis also to be net cash flow positive for the twelve month 2016.
Elon Musk-led Tesla said its long-promised moderately priced car, the Model 3, would be unveiled on March 31.
Tesla’s net loss, however, nearly tripled to US$320.4 million, or US$2.44 per share, within the fourth quarter ended Dec. 31 from US$107.Six million, or 86 cents per share, a year earlier.
Total operating costs rose 42 percent to US$478.9 million within the quarter.
On an adjusted basis, Tesla reported a loss of revenue of 87 cents per share.
Revenue rose nearly 27 percent to a record US$1.21 billion on higher sales of the Model S and demand for the Model X, which launched in September.
? Thomson Reuters 2015
