Tesla Posts Strong Results For The Third Quarter — Start Of The Electric Era

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There is no stopping the Tesla with the company posting growth of 70 percent for the third quarter of 2016. The company has sold 24,500 units amid production improvements, cheaper lease deals and some reports about discounts on some its vehicles.

The key metric for the performance of luxury car manufacturer is deliveries, which Tesla had missed in the last the two-quarters. With the electric vehicle manufacturer deliveries improving in the third quarters brings the company meeting its half-yearly target of 50,000 units.

Due to the improvement in deliveries in the third quarter, Tesla said that the fourth quarter deliveries will meet or grow above the third quarter numbers.

The fourth quarter is significant for the electric vehicle manufacturer as it has been losing money as it hopes to raise money from its equity market.

The company is looking to build a factory for its Model 3 mass-market sedan which is due later in 2017 and the planned acquisition of SolarCity Corp.

Earlier this year, Tesla had reported production issues and began resolving it in June. The company said that in July the production improved from 2,000 cars a week to 2,200 units in the third quarter and 2,400 cars in the fourth quarter.

Tesla sells the Model S and Model X and the mass-market Model 3 is expected to reach customers by end of 2017.

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