Tesla Motors Inc (NASDAQ:TSLA)’s Q1 Non-GAAP Revenue Up By 27%
Tesla Motors Inc (NASDAQ:TSLA), one of the leading car maker, seems to riding high on better first quarter 2014 earnings. The company’s non-GAAP revenue was up 27 percent to reach $713 million during the first quarter, while GAAP revenue was $621 million.
Tesla announced non-GAAP net income of $17million, or $0.12 earnings per share based on 140.2 million diluted shares, while first quarter GAAP net loss was $50 million, or $0.40 loss per share.
During the quarter, the company said the average selling price (ASP) of its Model S remained strong. In the first quarter of the year 2014, the company produced 7,535 Model S cars.
Keeping the increasing global demand in mind, Tesla Motors said it planning to expand its manufacturing factory later this year to ramp up the production of Model S vehicles as well as to support the introduction of Model X vehicles, which is planned to launch in 2015. The company said lot of development work for the planned Model X has been done, and it expects to have the production prototype of the new model by the fourth quarter of this year.
On the other hand, the company will also open new stores, service centers and Superchargers, and will start the construction of the Giga factory later this year.
“Tesla plans to invest about $650-850 million in capital expenditures for increased production capacity, store expansion, service centers and Supercharger footprints, Model X and S development and start of Giga factory construction,” the company said in its statement.
Tesla wants to keep it low when it comes to Model S sale in the second quarter of this year. The company said it expects to sell about 7,500 Model S cars in the next quarter, and about 35,000 total Model S vehicles for the full financial year.
The company expects to manufacture almost 9,000 cars in the quarter, representing a 19 percent increase over the first quarter.
“This year we are engaged in the most rapid expansion in Tesla’s history,” added the company in its report.