Tesla shares up 8% as electric-car maker outdoes expectations

(guardian-, 6 Nov 2014) Company attributes $75m quarterly loss to cost of meeting rising demand for its Model S vehicle.

Shares in Tesla Motors Inc rose nearly 8% in after-hours trading on Wednesday night after the electric-car maker beat analysts’ expectations for third-quarter results. The automaker said its quarterly loss nearly doubled from a year ago to $75m, as manufacturing, sales and development expenses increased to meet rising demand for its Model S sedan.

The company also said production of its next vehicle, the Model X crossover, will be delayed again by several months. It did not give a reason for the delay. Its shares rose after-hours, however, as non-GAAP income of 2 cents per share beat Wall Street’s consensus view of a loss of 1 cent per share.

Tesla said its net loss was 60 cents a share, compared with a net loss of 32 cents a year ago.

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guardian-, 6 Nov 2014: Tesla shares up 8% as electric-car maker outdoes expectations