Tesla tumbles despite record electric car sales

Tesla sold a record 5500 Model S sedans in the September quarter. Photo / Supplied
Tesla sold a record 5500 Model S sedans in the September quarter. Photo / Supplied

Electric carmaker Tesla Motors is posting third-quarter results well below Wall Street expectations.

The Palo Alto, California-based company's stock tumbled nearly 11 per cent in extended trading this week after the release of the earnings report.

Tesla's results were weighed by its moves to open new stores and invest heavily in its charging network in the US and Europe. It says it lost US$38.5 million ($46 million), or US32c per share, in the third quarter as revenue jumped to US$431 million from US$50.1 million in the July-September period last year. According to FactSet, analysts were expecting earnings of US8c per share on revenue of US$547.5 million.

The company sold about 5500 Model S sedans, a quarterly record. Around 1000 of those were delivered to European customers.

-AP

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