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Tesla Beats in Q2 as it Gears Up For Growth, Expects 100K Units by End of 2015


Tesla Motors reported a flashy second quarter, delivering a resounding beat on its bottom line and a record number of Model S units. The electric vehicle maker earned 11 cents a share in the second quarter, that's 7 cents higher than analysts' estimates. Revenue camer in at $857.5 million, that was 55% higher year over year and exceeded Wall Street expectations of $810.6 million. The Palo Alto-based company delivered a record 7,579 Model S vehicles and produced 8,763 units at an average rate of 800 per week by the end of the quarter. Tesla said it is on track to deliver more than 35,000 cars by the end of 2014. TheStreet's Keris Lahiff reports from New York.