Tesla Confirms 2015 Model X Launch; Moves 6,457 Model S Sedans in Q1

In its most recent shareholder's letter, Tesla Motors announces record first quarter production of the Model S and significant Gigafactory and capacity expansion progress.
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The Palo Alto-based electric vehicle manufacturer managed to build no less than 7,535 Model S luxury saloons from January 1st, 2014 to April 30th, 2014.

Slightly exceeding performance estimates, Tesla reported $621 million in GAAP revenue, translating into a $0.12 return per share (EPS). The $17 million net income marks the first ever profitable quarter for the American company, which lost circa $1 billion in its first 10 years of operation.

By extending its global network of dealerships and Supercharger stations (especially in China and Europe), the Model S has sold a total of 6,457 units, the biggest market for the electric saloon being Norway.

Tesla confirmed in its first quarter shareholder letter that extensive development on the Model X is underway, with production design prototypes ready by the end of the year and the unveiling programmed for 2015.

North American net orders for the luxury four-door EV grew by more than 10 percent in the quarter, with current production output at almost 700 vehicles per week.

Another interesting aspect that caught our attention is a paragraph that says that the United Kingdom will see the launch of the right hand drive Model S by the end of June, while Japan and Hong Kong will get this version later this summer.

As for Q2 and rest of the year forecasts, Tesla expects to sell about 7,500 Model S vehicles in the second quarter, with a full-year global goal of 35,000 deliveries. A maximum of $850 million will be invested through 2014 for increased production capacity, Model X and S development and the start of the Gigafactory construction.
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About the author: Mircea Panait
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After a 1:43 scale model of a Ferrari 250 GTO sparked Mircea's interest for cars when he was a kid, an early internship at Top Gear sealed his career path. He's most interested in muscle cars and American trucks, but he takes a passing interest in quirky kei cars as well.
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