Tesla production on track to deliver over 50,000 vehicles to market in 2015
Tesla Motors reported yesterday that it exceeded production estimates in Q3, producing 13,091 vehicles, including the first Model X, and delivering 11,603; slightly above the number estimated in an October announcement. The quarter saw a 50% YoY increase in global orders for the Model S. and Tesla announced plans to build 15,000 to 17,000 and deliver 17,000 to 19,000 vehicles in Q4, taking total deliveries for 2015 to 50,000 to 52,000; with Model S production and deliveries on track to meet Q4 estimates. The company also confirmed its plans to show the Model 3; a critical vehicle for the brand, as it is expected to bring Tesla within reach of middle-class buyers, in March 2016.
In other news, Tesla announced that retiring Chief Financial Officer, Deepak Ahuja, will be replaced by former Google executive Jason Wheeler.

Attendees look at the new Tesla Motors Model X electric sports-utility vehicles after a presentation by CEO Elon Musk in Fremont, California September 29, 2015. Tesla Motors delivered the first of its long-awaited Model X electric sports-utility vehicles on Tuesday, a product investors are counting on to make the pioneering company profitable after years of losses. Reuters/Stephen Lam

Tesla is ripping higher after earnings.

Tesla came in a little light on earnings while revenue was right in line with expectations in its report after the market close on Tuesday.

In the third quarter, Tesla reported an adjusted loss per share of $0.58 against expectations for a $0.56 loss.

Revenue was $1.24 billion, as expected.

Following the report, shares of the electric-car maker were up as much as 9% in early trading on Wednesday.

Vehicle deliveries came in at 11,603 in the third quarter, and the company expects it will deliver between 17,000 and 19,000 vehicles in the fourth quarter, a better-than-expected outlook that seems to be driving shares higher after hours.

Tesla now expects full-year vehicle deliveries will total between 50,000 and 52,000. The company said earlier that it had expected to deliver between 50,000 and 55,000 vehicles in 2015.

And so while Tesla's full-year outlook might a bit light compared to what it was looking for previously, investors had perhaps been fearing the worst.

Tesla also had good things to say about China, writing in its release that Model S orders "increased substantially" from the prior quarter in Q3.

As for its capital outlays, Tesla expects it will invest $500 million in the fourth quarter, bringing this year's capital expenses to $1.7 billion. The company cited accelerating investments in its Gigafactory for the increased capital investments. The company invested $392 million in the third quarter.

With regard to its new and upcoming cars, Tesla said it remains "highly confident" it will produce and deliver, on average, 1,600 to 1,800 vehicles per week between its Model S and Model X cars next year.

Additionally, Tesla expects to unveil its Model 3 car in March 2016.