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.

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

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

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

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.

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

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.

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

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.

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

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

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

Read more on: #tesla #auto news
Story first published: Monday, October 3, 2016, 15:56 [IST]
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