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Tesla Posts Record Deliveries But Delays Launch of Model X SUV

Tesla on Wednesday reported record deliveries of its electric vehicles in the third quarter but sharply lowered earnings guidance for the fourth quarter and announced it would postpone deliveries of its much-anticipated Model X SUV. Tesla said in its third-quarter shareholder letter that it had the highest-ever quarterly deliveries at 7,785 vehicles and the highest ever peak deliveries in a single day at 907 vehicles. However, Tesla lowered the number of expected deliveries for 2014 by 2,000 to 33,000 vehicles, citing hardware changes to the all-wheel drive Model S. The company emphasized that it is not demand constrained. Tesla also projected production of more than 2,000 vehicles a week by the end of 2015 to meet increasing demand, while postponing deliveries of the Model X crossover vehicle from the first quarter of next year to the third quarter. "We recently decided to build in significantly more validation testing time to achieve the best Model X possible," the company said.
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