Tesla Revenue Surges

Tesla reported a surge in quarterly revenue as the electric car maker said it’s on track to meet targets on the Model 3 version amid growing demand for all types. Revenue jumped to $2.8 billion in the second quarter from $1.27 billion a year earlier, the Palo Alto, California-based company said. Its loss on a non-GAAP basis narrowed to $1.33 a share from $1.61 a year earlier. The consensus on Capital IQ was for a loss of $1.92 per share and revenue of $2.5 billion.

After the late July delivery of the first Model 3 car, which Tesla touts as an affordably priced version, the company is “averaging over 1,800 net Model 3 reservations per day,” according to a statement late Wednesday. Employees are able to order their Model 3 vehicles, and non-employees will begin receiving invitations to order theirs “soon,” Tesla said. Deliveries to non-employees will begin in the fourth quarter. The first production vehicles start at $44,000 while a standard model, with a shorter battery range and starting at $35,000, should be available in the US in November, the company said.

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