Tesla meets fourth-quarter estimate with 17,400 vehicles delivered

Sun Jan 3, 2016 5:35pm EST
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By Suzanne Barlyn

(Reuters) - Tesla Motors Inc (TSLA.O: Quote), the pioneering electric car maker, said on Sunday it delivered 17,400 vehicles during the fourth quarter of 2015, in line with its forecasts, and a total of 50,580 for the year.

The Palo Alto, California-based company headed by Chief Executive Elon Musk delivered about 75 percent more of its Model S than during the same period of the previous year, Tesla said.

Tesla's total fourth-quarter deliveries were consistent with its November 2015 projection to ship between 17,000 and 19,000 vehicles during the period.

Deliveries of Tesla's new electric sports utility vehicle, the Model X, are also "in line" with the company's early stages of production, the company said. Tesla delivered its first Model X in September.

Tesla was producing 238 Model X vehicles per week by the last week of 2015, the company said.

While global adoption of electric vehicles has been slow, Tesla has been the U.S. pioneer in luxury electric cars.

Investors are counting on the Model X, an SUV designed to compete with those from luxury automakers, to make the company profitable after years of losses.

The launch of the long-awaited Model X was a milestone for the loss-making Silicon Valley automaker during a period of high spending and modest growth because it can now boast a second model in production beyond its Model S sedan, launched in 2012.   Continued...

A Tesla car 'Model S' sits in a dealership in Berlin, Germany, November 18, 2015. REUTERS/Hannibal Hanschke