Tesla Motors Inc (NASDAQ:TSLA) said that it was able to build 11,627 vehicles in the fourth quarter. This helped the company to achieve its production target of 35,000 vehicles of Model S in the year 2014. The company said that it was a tough task to have accomplished. In the process, it was not able to release its P85D or Performance All-Wheel Drive Dual Motor Car.
It appeared that Tesla Motors Inc (NASDAQ:TSLA) did not want to take chances by releasing P85D in haste. The company indicated that it wanted to ensure that the model would be a great experience for its owners. Though the company was able to make the loss of production in the fourth quarter, it could not deliver cars physically as customers were on vacation besides winter weather affected shipping. Owing to this, about 1,400 vehicles, which were shipped in December, were delivered in the first quarter only.
4Q Results
The company suffered a net loss of $107.63 million or a loss of 86 cents a share in the fourth quarter. It was wider than loss of $16.26 million or a loss of 13 cents a share in the year-ago quarter. On an adjusted basis too, the company incurred a loss of $16.12 million or a loss of 13 cents a share. In comparison, it earned a profit of $45.92 million or 33 cents a share in the previous year quarter. On average, analysts’ estimated 31 cents a share.
Tesla Motors Inc (NASDAQ:TSLA)’s revenue advanced 12.3% to $956.66 million from $851.8 million in the same quarter last year. Analysts’ predicted the company to generate revenue of $1.23 billion to reflect 60.9% growth.
Full Year Results
The company’s net loss widened to $294.04 million from $74.01 million and loss per share also climbed to $2.32 from 62 cents in 2013. On an adjusted basis, it would have reported net income of $20.1 million or 14 cents a share, sharply down from $103.56 million or 78 cents a share in the last year.
Revenues jumped 59% to $3.2 billion from $2.01 billion in the previous year. The company ended the year with cash and cash equivalents of $1.9 billion.
Outlook
Going forward, Tesla Motors Inc (NASDAQ:TSLA) said that it expects 70% growth in vehicle deliveries in the current year. The company predicts Model X to commence shipping in six-month period. The company was already sitting with 10,000 orders for its Model S and nearly 20,000 reservations for its Model X. The electric car maker anticipates gross margin of 28% in the first quarter.
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