Detroit: Tesla Motors Inc shares rose more than 7 per cent in after-hours trading on Wednesday after the electric-car maker beat analysts’ expectations for third-quarter results.
The automaker said its quarterly loss nearly doubled from a year ago to $75 million, as manufacturing, sales and development expenses increased to meet rising demand for its Model S sedan. The company also said production of its next vehicle, the Model X crossover, will be delayed again by several months until the autumn of 2015, “to get all of the details right,” according to Chief Executive Elon Musk. Tesla shares rose after-hours, however, as non-GAAP income of 2 cents a share beat Wall Street’s consensus view of a loss of 1 cent per share.
