Update November 5, 2015

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US electric carmaker revises its latest quarterly earnings

Sumel Sarker

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US electric carmaker revises its latest quarterly earnings

05 November 2015, Nirapad News: The latest quarterly earnings figure, coming from the US electric carmaker, Tesla Motors, has dispelled recent Wall Street worries about production problems with its new Model X, according to a report in the international media.

Tesla has been facing teething troubles with its new crossover sport utility vehicle, causing it to trim back its forecast for vehicles deliveries for the rest of this year, the report says.

The company last month reported an estimate of its third-quarter deliveries. In its official figures early this week, it raised the figure to 11,603, with revenue hitting Wall Street expectations of $1.24bn. It reported a net loss of $230m, or $1.78 a share, up from 60 cents a share the year before, due to higher costs linked to the launch of the X, the report adds.

On the pro-forma basis that Wall Street uses to assess the company, the loss per share, according to the report, rose to 58 cents, higher than the 56 cents that had been expected. The company said that 12 cents a share of the loss was caused by unrealised losses in its foreign currency holdings and the lower value of foreign inventory, the report says.

Tesla is planning to limit the uses of its new “self-driving” technology after signs that some drivers are taking unnecessary risks with it. It updated the software in its existing vehicles past months to add features like lane-holding on highways, the report states.

The X is a vehicle with distinctive, vertically lifting rear doors, in the first quarter of 2016. The company is attempting a rapid ramp-up of production of the X. This is being produced in its northern Californian factory alongside the Model S sedan. It is expected to unveil its next vehicle, the Model 3, in March of next year,

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