Investing.com -- Days after rolling out a highly-anticipated stationary home battery last week, Tesla Motors Inc (NASDAQ:TSLA) received more encouraging news on Wednesday with a significant earnings beat for the quarter.
Tesla posted non-GAAP quarterly revenue of $1.10 billion on Wednesday, up 55% from the same period last year. Tesla said Wednesday it remains on track to deliver 55,000 vehicles by the end of this year, boosted by the launch of its full-size crossover Model X, which is expected to hit the market late in the third quarter.
The Model X, which is expected to have a 230-mile range with a 60 kilowatt per hour battery, as well as an 85 kWh version with a 300-mile capacity, could have an MSRP of $70,000. Tesla CEO Elon Musk is particularly enamored with the falcon wing doors on the new SUV.
“The X is going to be a great car,” Musk said in a conference call on Wednesday. “This is by far the best SUV.”
While Tesla posted a 0.36 non-GAAP net loss per share due to increased capital expenditures, it was still below forecasts of a 0.50 loss per share. Tesla executives said Wednesday that it expects to invest $1.5 billion to expand production capacity, purchase Model X tooling and continue to build a $5 billion Gigafactory in Reno.
In addition, Musk said the company has already received 38,000 reservations for its Powerwall home battery that it unveiled at a press conference in California last week. The Powerwall's 10 kWh model will be available for $3,500, while its 7 kWh model will be sold for $3,000, Musk announced last week.
"There’s no way we can possibly satisfy this demand this year," Musk said during the conference call. "We’re basically sold out through the first half of next year."
Shares in Tesla gained 4.87 or 2.11% in after-hours trading to 235.30.