Tesla Deliveries Rise 49% Without Help From Model X

Tesla Motors Inc. sold 11,580 vehicles in the third quarter on a global basis, 49% higher than a year earlier, but got almost no benefit in the quarter from the Model X SUV.

The auto maker didn't break out sales of the Model X. The first six models were given to executives and board members on Tuesday night at an event in Fremont, Calif. Google Inc. co-founder Sergey Brin and Tesla early investor Steve Jurvetson were among the first to get vehicles.

Through three quarters this year, Tesla has sold 33,117 vehicles. The company has set a goal of 50,000 to 55,000 in deliveries in 2015, which could require a surge in deliveries of both Model S and Model X vehicles in the final three months of the year.

Chief Executive Elon Musk, speaking to reporters on Tuesday, said the company was starting very slowly with production and ramping up. He said the Model X was difficult to build because of its oversize panoramic windshield, retractable falcon-wing doors and pedestal second-row seats, all of which are unique in the auto industry.

"It will be real slow for the first several weeks and then shoot up towards the end of the year," he said Tuesday. He said Tesla has between 20,000 and 25,000 existing reservations for the Model X and that the backlog for delivery now stands at between eight and 12 months.

Many Wall Street analysts already have adjusted their forecasts for Tesla to account for very few Model X deliveries in 2015.

Any overt difficulties in producing the Model X because of the unique manufacturing challenges related to its special features could lower the company's revenue and cash flow, which it needs to continue financing big growth efforts.

Write to Mike Ramsey at [e-mail]

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(END) Dow Jones Newswires

October 02, 2015 17:05 ET (21:05 GMT)

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