Tesla Motors Inc forecast deliveries of Model S sedans and Model X SUVs that topped analysts’ estimates and said it expects to show in a profit in 2016, sending its shares 15 percent higher in after-hours trading.
The electric car maker has long enjoyed the status of Silicon Valley darling because of its brash innovation in planet.
Its technological prowess – for example adding features through over-the-air software upgrades – and bold design have been a thorn within the side of Detroit’s traditional automakers, who are only now starting to fight back.
Tesla said it planned to provide 80,000-90,000 Model S and Model X vehicles of in 2016, in front of Wall Street’s average expectation for around 79,000 vehicles, according to research firm FactSet StreetAccount.
The loss-making company also said it planned to attain profitability on an adjusted basis and also to be net cash flow positive for the full year 2016.
Elon Musk-led Tesla said its long-promised moderately priced car, the Model 3, would be unveiled on March 31.
Tesla’s net loss, however, nearly tripled to US$320.4 million, or US$2.44 per share, within the fourth quarter ended Dec. 31 from US$107.6 million, or 86 cents per share, a year earlier.
Total operating costs rose 42 per cent to US$478.9 million within the quarter.
On an adjusted basis, Tesla reported a loss of revenue of 87 cents per share.
Revenue rose nearly 27 percent to some record US$1.21 billion on higher sales of the Model S and demand for the Model X, which launched in September.
? Thomson Reuters 2015