The following is an excerpt from Dana Hull | October 2, 2016 | Bloomberg.com |
Tesla Motors Inc. delivered 24,500 vehicles in the third quarter, topping analysts’ estimates, after Chief Executive Officer Elon Musk implored employees to boost sales during the period ahead of a plan to raise more capital.
The maker of electric cars and energy storage devices shipped about 15,800 Model S sedans and 8,700 Model X sport-utility vehicles, Palo Alto, California-based Tesla said in a statement Sunday.
The quarter was Tesla’s last chance to show that it can be profitable before it raises money to ramp up production of the new Model 3. Musk urged employees in an Aug. 29 e-mail to work on “building and delivering every car we possibly can.” The company has been taking aggressive measures to keep sales of the Model S and Model X strong while it awaits the smaller, less-expensive Model 3, which isn’t slated to begin volume output until late next year.
The third-quarter deliveries were positive and beat most estimates, said Jeffrey Osborne, an analyst at Cowen & Co., who rates the stock underperform.
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