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Thursday, November 6, 2014

Tesla delays Model X and stock jumps 5%

Tesla Motors on Wednesday announced that its Model X crossover utility vehicle would not be available until the second half of 2015. The model had previously been slated for a 2013 launch.

The Palo Alto, California-based company also reported a loss of $74.7 million in its third quarter. Tesla said it had a loss of $0.60 per share. Earnings, adjusted for stock option expense and non-recurring costs, were $0.02 per share.

The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was break even on a per-share basis. As a result, Tesla's stock price was up more than 5% in after-hours trading on Wednesday.

The electric car maker posted revenue of $851.8 million in the period, falling short of Street forecasts. Analysts expected $867.7 million, according to Zacks.

Tesla shares have risen 54% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $230.97, a rise of 31% in the last 12 months.

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