Tesla Motors – Third Quarter 2014 Shareholder Letter PDF File • Highest ever quarterly deliveries at 7,785 vehicles, despite factory shutdown in July • Highest ever peak deliveries in a single day of 907 vehicles • Majority of Q3 deliveries in North America; 65% increase in NA Sept 14/Sept 13 • Dual Motor and Autopilot introductions further accelerate Model S demand • Model S orders and deliveries alone expected to increase by 50% in 2015 • Reducing number of Model S options to ramp production faster

Notably, toward the end of the letter, this on the Model X (emphasis mine) Update from the earnings call: Model X delayed until Q3 2015

Work continues on the finalization of Model X with the testing of Alpha prototypes and initial builds of the first Beta prototypes. Model X powertrain development is almost complete with the early introduction of Dual Motor drive on Model S. We recently decided to build in significantly more validation testing time to achieve the best Model X possible. This will also allow for a more rapid production ramp compared to Model S in 2012.

TSLA Shares are up in after hours trading.

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