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Tesla Motors shares mounted up shortly after the company announced its third quarter results. The electric car makers’ third quarter report smashed all the predictions of analysts.
Teslaa experienced a great loss in the third quarter report. Immediately after this report the company announced the overall reduction of next year’s deliveries. The sales of the third quarter were around 7,785 that are to some extent less than the predictions of the CEO.
Shortly after the release of third quarter report the shares of the company ascended up to 7 percent. The American based car manufacture stated that it earned nearly $3 million. This amount is relatively better than the loss of third quarter.
However, the revenue of the third quarter is still more than the entire profit of last year. The third quarter reported $852 million whereas the previous year’s profit was $431 million.
Elon Musk, the CEO of Tesla informed that the major problem of the company is its production. He repeated the aim of the company to produce nearly 100, 00 vehicles till the end of 2015.
Moreover, Musk notified that the company invested around $350 million in order to boost the capacity.
Matt Delorenzo, the editor of Kelley Blue Book stated that Telsa needs to display considerable growth in order to remain on the top of the stock market. The upcoming Model X is the center of expectations of all the investors.
Brian Galloway
Brian’s philosophy is pretty straightforward: easy living, wishful thinking, heavy criticizing. Despite the fact that he wouldn’t go as far as describe himself a conspirationist, Brian does take everything with a grain of sand. He loves following every lead when covering a story and mostly enjoys to cover politics and US news.
