tesla model x
Reuters/Stephen Lam


Tesla’s numbers are out and the stock is ripping higher.

Tesla came in a little light on earnings while revenue was right in line with expectations.

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 7.8% after falling 2.5% during trading Tuesday.

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 unveilĀ its Model 3 car in March 2016.

As reported by Business Insider