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Tesla Delays Model X Again, Posts $75 Million Loss in Q3

Motor Trend logo Motor Trend 11/6/2014 Karla Sanchez
Tesla Model X concept Tesla Delays Model X Again, Posts $75 Million Loss in Q3

It seems like we've been waiting forever for the highly anticipated Tesla Model X, and we'll have to wait a bit longer. In its third quarter financial report, the Palo Alto-based automaker announced there's another delay for the all-electric crossover. Despite revenue of $852 million, which is nearly double the figure from a year earlier, the automaker posted a net loss of $75 million.


Model X deliveries are now expected to begin a few months later than originally scheduled in the third quarter of 2015, as the automaker reports it's testing Alpha prototypes and initial builds of the first Beta prototypes. The automaker continues spending a large amount of cash on the Model X, with a 28-percent increase in research and development expenses, contributing to a $304 million decrease in cash on hand at $2.4 billion. The recently announced dual-motor all-wheel drive and Autopilot systems also had a hand in the increased expenses. As for the $852 million in revenue for the quarter, Tesla reports it includes $93 million from the sale of regulatory credits, including zero-emission vehicle credits awarded by California and other states. Tesla Model X concept© Provided by MotorTrend Tesla Model X concept

The third quarter resulted in the highest Model S deliveries to date at 7785 vehicles, with deliveries reaching their highest peak in one day at 907. This reflects a 65-percent increase in deliveries, and with the way things are going, the automaker forecasts Model S deliveries will go up by 50 percent in 2015. With that said, it should come as no surprise that Tesla is ramping up production on the electric sedan to more than 2000 cars per week by the end of 2015. Because it's focused on increasing capacity, there will be no major platform changes made to the car's hardware in the near future. However, all Model S cars now come with lane departure warning and speed limit alert as standard, while automatic cruise control, highway steering, and emergency braking will be added in the coming months via remote software update. 2015 Tesla Model S P85D© Provided by MotorTrend 2015 Tesla Model S P85D

Progress is also being made at the Gigafactory, where the concrete is being laid for the foundation, with the production expected to start earlier in 2016 than originally scheduled. As for its global markets, Tesla is prepping deliveries of the Model S to Australia by the end of the year. China has been Model S-crazy, as the location in Shenzhen is already one of Tesla's highest grossing stores worldwide. As for the supercharger network, the U.S. has just received its 124th station, while Europe now has 82. Meanwhile, China has 23 stations, though we anticipate that number will grow rapidly considering the success of the sedan in the Asian country.

Source: Tesla

Tesla Model X left front 1© Provided by MotorTrend Tesla Model X left front 1

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