Cars and Drivers
Detroit Auto Show: News of Strong Tesla Deliveries in Driving Seat
Published:
Tesla Motors Inc. (NASDAQ: TSLA) is seeing its shares surge higher despite word of a recall. The company is speaking at the Detroit Auto Show and telegraphing that deliveries were above estimates. It is also discussing growth plans for 2014.
Source: courtesy of Tesla Motors
Tesla’s deliveries were roughly 6,900 in the fourth quarter. This is roughly 20% more than the company’s guidance. Tesla also plans to double its sales and service locations in 2014. We have not yet heard about any 2014 guidance from the company.
The Tesla recall is on certain Model S vehicles where the cord or adapter that is required to be plugged in could overheat. This will be remedied with a replacement to the wall-charger and will be mailed to customers.
Tesla’s adjusted earnings report for 2013 is expected to be $0.58 per share, according to Thomson Reuters. The consensus revenue estimate is $2.35 billion. For 2014, those estimates are expected to rise to $1.50 per share on revenue of $3.17 billion.
Shares of Tesla popped to as high as $149.75 on the news, but the shares were up 3.9% at $144.80 right before noon, against a 52-week trading range of $33.08 to $194.50.
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