Tesla Motors has reported a net loss -as guided by generally accepted accounting principles (GAAP) – of $230m (£149m) in Q3.
Despite the loss, the electric-car manufacturer saw its revenue rise to $1.24bn in Q3, up nearly 33% year-on-year, while GAAP adjusted revenue stood at $937m.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In Q3, Tesla "exceeded" its plan by producing 13,091 vehicles and delivering 11,603 vehicles.
Tesla’s cash and cash equivalents were $1.4bn at the end of the quarter, up $275m sequentially, as a result of its equity offering which raised $739m net of fees.
In the last quarter of 2015, the manufacturer plans to build 15,000 to 17,000 vehicles, deliver 17,000 to 19,000 vehicles and invest $500m.
"We plan to invest about $500 million in Q4, which will bring the projected total capital expenditures for this year to about $1.7 billion. The increase in spending is primarily due to accelerated investments in the Gigafactory, further vertical integration of seat assembly and other manufacturing activities, as well as faster milestone execution by certain suppliers for Model X manufacturing equipment and tooling," the company wrote.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTesla appointed Jason Wheeler as its new chief financial officer and Jon McNeill as president of global sales and service.
Wheeler, who joined Tesla after 13 years at Google Inc. where he was vice president of finance, will replace Deepak Ahuja who announced his intention to retire from Tesla.
