Tesla reports 'record' quarter for auto sales

Tesla Model S
Tesla Model S
Electric carmaker Tesla announced Friday it delivered a "record" number of vehicles in the first quarter, as it began more timely reporting of sales figures.

The California firm started by tech entrepreneur Elon Musk said it sold 10,030 cars in the first three months of 2015.

"This was a new company record for the most cars delivered in a quarter and represents a 55 percent increase over the first quarter last year," the company said in a statement.

Going forward, Tesla said it would publish the number of new car deliveries within three days of quarter end.

"We have decided to take this approach, because inaccurate sources of information are sometimes used by others to project the number of deliveries," the statement said.

The statement noted that "this is only one measure of our financial performance and should not be relied on as an indicator of our quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles."

While Tesla produces relatively few vehicles, it has become a star in the sector due to keen demand and a reputation for high quality.

The company currently produces its luxury Model S, costing upwards of $69,000 but it is planning new vehicles including a more affordable model.

Last year the group sold some 55,000 vehicles.

Tesla has offered to allow rivals to use its patents for free in an effort to boost the electric car sector, and has made efforts to improve the range of the vehicles to ease concerns that they could lose power without a nearby charging station.

Earlier this week, Musk tweeted that the would unveil a "major" new product line next month, leaving analysts guessing.

Some reports said Musk was likely referring to a home battery based on a design used in the Tesla vehicles, which he spoke about during a February earnings call.

Explore further

Tesla shares jump on Musk 'tease' in tweet

© 2015 AFP

Citation: Tesla reports 'record' quarter for auto sales (2015, April 3) retrieved 18 August 2019 from https://phys.org/news/2015-04-tesla-quarter-auto-sales.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Feedback to editors

User comments

Apr 03, 2015
Musk is not in this business to make gobs of money, he wants to advance the state of the art/science for all of us. It is a concept unknown in Pure Capitalism.

Apr 03, 2015
Everybody I have talked to online and in real life says they love driving their electric cars no matter what the brand. One guy said he and his wife fight over who gets to drive the electric car to work.

Apr 04, 2015
What's wrong with the math here?
~10,000 first quarter units is most ever in a quarter. Up over 50% over last year same quarter.
55,000 units last year total.
Doesn't the 2nd, 3rd, or 4th quarter have to be more than 10,000? By a lot?

Apr 05, 2015
Teslamotors sold about 5000 cars before 2013,
22442 in 2013
31655 in 2014
perhaps 55000 in 2015

Numbers are small, but growth is fast.

Apr 05, 2015
"Last year the group sold some 55,000 vehicles."
Are you saying this is an error?

Apr 19, 2015
IIRC, Tesla does not count an order as a sale, they only count a delivery as a sale.

Delivery is lumpy, due to manufacturing issues and whatnot, so it comes in surges and lulls, which is why they report deliveries by quarters, not by month. Monthly reporting is the industry standard but makes no sense for Tesla's situation.

The orders for Tesla cars, is outstripping the deliveries. Regarding orders, it is a 100% increase, year on year, so they really do have a 100% y-on-y projection, that is an actual growth factor. It is the delivery that is a bit lumpy, but the delivery is the actual sales aspect and what gets reported.

They COULD use orders as the growth factor 'sales' report (everyone else does, in some way or another), but that is not how Tesla does things.

When they are large enough, regarding output... they can go to the auto market reporting norm of monthly sales/delivery reporting... but for now, it makes no sense as the 'norm' is tied to stock market valuation.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more