Tesla had GAAP earnings of $0.14 per share on revenue of $22 million for the quarter. That’s above the $0.04 per share more optimistic analysts were expecting. Non-GAAP earnings were even higher— $0.71 per share on sales of $111 million. Tesla recently made changes to its accounting and investors were nervous it would lead to low returns. The pleasant surprise has the carmakers stock is up almost 7% in after-hours trading. Here are additional takeaways from its quarterly statement.
•Tesla is inching toward its 500K goal. This quarter Tesla produced 25,185 cars. But it will have to grow that quarterly rate significantly if it plans on making the volume goals it set for itself in a little over a year from now. The company has stated it will produce 500,000 cars in 2018.
•On track for 50K cars delivered in second half of 2016. The company delivered a little over 24,000 cars this quarter and expects to meet its goal of 50,000 cars delivered by the end of the year.
• Self-driving cars for all. All the cars Tesla is producing right now will come with self-driving enabled hardware.
• Capital expenditures expected to hit $1.8B for the year. Tesla is doubling the size of its Fremont factory and building out its massive battery factory in Nevada. Add in ramped up car production and that means big spending for Tesla.