Tesla delivers record 7,785 sedans in 3Qm, but loss widens on engineering costs

MarketsAssociated Press

Electric car maker Tesla Motors set a quarterly record for deliveries of its Model S sedan, but its losses mounted due to increased engineering costs.

Tesla delivered 7,785 cars during the July-September period. That was slightly below its guidance of 7,800 but up 41.5 percent from the same quarter a year ago.

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Its net loss widened to $74.7 million for the quarter, or 60 cents per share, about double its loss from a year ago.

Accounting for leasing, stock-based compensation and other factors, Palo Alto, California-based Tesla Motors Inc. beat analysts' expectations with earnings of 2 cents per share. Analysts polled by FactSet expected a loss of a penny.

On that basis, Tesla also beat analysts' revenue forecast, with revenue of $932 million. Analysts expected $892.1 million.

Shares rose 5.3 percent to $243.30 in aftermarket trading Wednesday.