Tesla Motors reported Q3 GAAP net income of $22 million on total Q3 GAAP revenue of $2.30 billion, which was up 145% from Q3 2015. Total Q3 automotive revenue was $2.15 billion on a GAAP basis, up 152% from Q3 2015. The quarterly profit is the company’s first in more than three years.
In Q3, combined net orders for new Model S and Model X vehicles grew 68%, compared with the same period last year. The final Q3 delivery count was 24,821 units—300 more than the estimated delivery count. Deliveries increased 114% from the third quarter of 2015, comprised 16,047 Model S (65%) and 8,774 Model X (35%) vehicles. 5,065 vehicles were in transit to customers at quarter’s end. These vehicles will be delivered and recorded in Q4.
Model S average prices decreased 6.5% sequentially, primarily due to the introduction of the 60 kWh models and production of the 100 kWh variants starting late in Q3. 2% of the decline was due to price adjustments made for inventory cars that already had mileage on them, showroom cars with wear, and cars that were built before product transitions,such as those with the original fascia.
Model X average prices declined 1.2% sequentially as production increased beyond just the highest-priced Q2 Signature builds.
Tesla is maintaining its guidance of 50,000 new vehicle deliveries for the second half of 2016, with a Q4 plan of just over 25,000 deliveries. The company expects 30% to 35% of these deliveries to be accounted for as leases for revenue recognition purposes.