Tesla Model X will be delayed until late 2015

Global News

DETROIT – Electric car maker Tesla Motors beat Wall Street’s expectations and set a record for deliveries of its Model S sedan in the third quarter, delighting investors even as its losses doubled from a year ago.

Tesla said Wednesday it delivered 7,785 cars during the July-September period. That was slightly below its guidance of 7,800 but up 41.5 per cent from the same quarter a year ago.

The company’s net loss widened to $74.7 million for the quarter, or 60 cents per share, which was almost double its loss from a year ago. The company blamed increased research and development costs for both the Model X SUV, which is due to go on sale next year, as well as its new all-wheel-drive system.

READ MORE: Tesla announces cheaper model, is it time to buy electric?

Tesla also cited the expense of adding stores in Asia and building more charging…

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