Tesla Motors Inc (NASDAQ:TSLA) has announced their Q4 results, which included non-GAAP revenues of $761 million and non-GAAP earnings per share of $0.33. Tesla delivered 6,892 vehicles for the quarter.
The company pre-announced this figure in January. Tesla earned $45.9 million in the quarter, which is around three times higher than the previous quarter. Revenues increased 26%. Tesla is expecting global sales to hit 35,000 vehicles for the full year.
Wall Street analysts were expecting the company to earn $0.21 (non-GAAP) on GAAP revenues of $677 million. Tesla’s GAAP revenue for the period hit $615 million.
Tesla said that their fourth quarter net losses narrowed to $16 million from $90 million. This is due to higher sales and manufacturing efficiencies.
In terms of GAAP, Tesla lost $0.13 per share. Tesla ended the quarter with cash and cash equivalents of $846 million.
Tesla is expecting to deliver 35,000 Model S vehicles in 2014, which is up 55% from 2013. The company is expecting to manufacture around 1,000 cars per week. For the year 2013, Tesla saw revenues higher than $2 billion, which is up around 5 times the preceding year.
The increase in production will require extra factory build out and a reduction of supplier bottlenecks. Growth will occur largely in Europe and Asia. The first Model S will be shipped to China this spring.
Tesla CEO Elon Musk previously raised the idea of the Gigafactory in a previous earnings call. Tesla said that they need to produce 500,00 of its Gen III cars per year, but that would require a “giga factory.” The factory would have the equivalent of all the world’s current production of lithium ion batteries made just for Tesla in one factory.
Tesla’s letter to shareholders had the following statement in it:
“Very shortly, we will be ready to share more information about the Tesla Gigafactory. This will allow us to achieve a major reduction in the cost of our battery packs and accelerate the pace of battery innovation. Working in partnership with our suppliers, we plan to integrate precursor material, cell, module and pack production into one facility. With this facility, we feel highly confident of being able to create a compelling and affordable electric car in approximately three years. This will also allow us to address the solar power industry?s need for a massive volume of stationary battery packs.”