California-based Tesla Motors announced during a conference call to report third-quarter earnings and sales that its long-awaited Model X crossover has been delayed, again.
Even as the net loss accounted for the quarter was of $75 million and Tesla also trimmed down its full-year sales forecast of the Model S to 33,000 units from the previous guidance of 35,000 vehicles, the company’s stock gained pace.
The shares went up to $247.75, a 7.3% rise – as the stock has gained so far 54% throughout the year. The explanation is simple: the fourth-quarter sales outlook has been trimmed because the company’s lone plant in California was retooled to allow for increased production. Also, Elon Musk, the company’s CEO is predicting 50% growth for the years to come for the Model S – recently updated with new technology and an all-wheel drive option.
Coming back to our subject of debate – the Model X crossover, Musk seems to be unwilling to release it before all issues are ironed out and the second time it’s been delayed means that next year’s production of the model is already sold out. So, even as the new model should assist Tesla in paying up development and production of its affordable Model 3 (scheduled to arrive in 2017), customers ordering the crossover now most likely won’t take delivery of the car until 2016.