Tesla shares were up as much as 4% in early Friday trading after reporting adjusted earnings and revenue that beat expectations Wednesday afternoon.
The big news was that they now envision delivering 100,000 vehicles next year. This year their goal is 35,000, and last year they only delivered 22,000. So this is a huge leap. But in a note Barclays says its feasible:
While guiding to a below-consensus 3Q'14 on deliveries and earnings, Tesla gave bullish guidance for 2014 and 2015 that should support the shares - guiding to a 4Q delivery rate of over 13,000 units and an exit rate of 100k units in 2015. The guidance provides us some insight into Tesla's expectations for a quite steep delivery ramp-up over the coming years and into the Model 3 era.
Tesla reported non-GAAP earnings per share of $0.11 against a consensus estimate of $0.04. Revenue hit $858 million versus consensus $811 million.
Shares were trading at $232.