Tesla Reports Record Deliveries as Losses Deepen

Tesla Motors Inc. delivered a record 7,800 Model S electric sedans in the third quarter, up 42% from July-September 2013. Revenue soared 55% to $932 million.

Model X prototype and Elon Musk

But the company's net loss nearly doubled to $75 million. Tesla attributes much of the increase to product development costs associated with its upcoming Model X crossover and a new all-wheel-drive system for the Model S. Other factors include market expansion in Asia and the cost of adding high-speed Supercharger facilities around the world.

CEO Elon Musk also says plans to put the Model X into production by year-end have been pushed back to mid-2015. Tesla won't begin delivering the new model until the third quarter next year.

Tesla also revised its full-year sales estimate to 33,000 cars from its earlier target of 35,000 units.