Tesla sees good quarter sales, stock surges again image

The electric carmaker rose the most in six weeks in New York trading after saying it delivered 6,900 Model S sedans in the fourth quarter, pushing full-year sales beyond the company target.

Jerome Guillen, vice president of global sales and service, said at the Detroit auto show the almost 6,900 Model S sedans sold in the quarter were 20 % above what the company had forecast.

He said the company this year expects to double its global sales and service locations, which currently total almost 150 combined. He also said Tesla was working “feverishly” on the Model X crossover vehicle, which the company previously said would debut in the second half of 2014.

Sales of the battery-powered vehicle, priced from about $70,000, totaled at least 22,450 last year, based on figures previously released by Palo Alto, California-based Tesla. The company had said it aimed to sell 21,500. Revenue for the fourth quarter will exceed forecasts by 20 %, Tesla said separately in a statement.

“We look forward to 2014 with anticipation,” Guillen told a news conference at the show. “On the sales and service side, of which I’m responsible, it’s reckless growth.” He later said that he misspoke and meant to say “relentless growth.”

Analysts said California-based Tesla continues to perform strongly despite the specter of a safety probe by U.S. safety regulators related to two road fires of Model S sedans.

Diarmuid O’Connell, Tesla’s vice president of business development, said later that the company has no plans to work with a partner to develop a new family of compact cars, known internally as Gen III and slated for production in 2017. He said Chief Executive Elon Musk was committed to developing the cars alone.

Via Reuters, Bloomberg