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TheStreet Open House

Tesla Earnings: What Wall Street's Saying

Updated from 9:54 a.m. to include thoughts from S&P analyst.

NEW YORK (TheStreet) -- With a few more tricks up its sleeve, Tesla Motors (TSLA) continues to surprise investors on its way to producing 500,000 cars annually by 2020.

Tesla shares were trading up 3.7% in early trading Friday, to $231.57.

Tesla noted that -- provided there are no serious macroeconomic shocks and it continues to execute -- it should have an annualized delivery rate of more than 100,000 units by the end of next year, according to CEO Elon Musk. That 100,000 run rate includes both the Model S and the Model X, which is schedule to be produced in the spring of 2015.

On Tesla's second-quarter conference call Thursday, Musk said he expects the split to be about even for both X and S demand, with perhaps it being slightly tilted toward the X.

"My guess is we'll actually see slightly higher on the SUV side," Musk said, when referring to how the 1,000 unit run rate will go. "I think the Model X is going to a phenomenal car."

Read More: Tesla Q2 Live Blog

Musk also noted that in the past, Tesla has shown all its cards, but that is no longer the case. "In the past we've shown all of our cards, so people have kind of gotten used to us showing all of our cards," Musk said on the call. "We're not currently showing all our cards."

For the second quarter, Tesla earned an adjusted 11 cents a share on $858 million in revenue, as it delivered 7,579 vehicles. The company noted it produced 8,763 vehicles during the quarter, as it begins to make way for the Model X, which is coming in the spring of 2015. Tesla noted it would be on track for more than 35,000 deliveries in 2014. Non-GAAP automotive gross margins were 26.8%, and 26.9% on a GAAP basis.

Analysts surveyed by Thomson Reuters were expecting the company to earn 4 cents a share on $810.57 million in revenue for the second quarter.

For the third quarter, Tesla said it plans to produce about 9,000 cars. "If we had been able to avoid this production down time, we would have been able to forecast Q3 quarterly production at about 11,000 units," Musk wrote in the letter to shareholders. "After considering our planned production and the need to have more vehicles in transit (including the new RHD models), we expect to be able to deliver about 7,800 Model S vehicles in Q3. Without the planned factory retooling shutdown, Q3 delivery expectations would have been approximately 9,500 vehicles."

Read More: Here's What It Looks Like Inside Tesla's Massive Factory

The company also gave an update on its Gigafactory, which will help the company produce around 500,000 cars a year by 2017.

"In June, we broke ground just outside Reno, Nevada on a site that could potentially be the location for the Gigafactory," CEO Elon Musk wrote in the letter to shareholders. "Consistent with our strategy to identify and break ground on multiple sites, we continue to evaluate other locations in Arizona, California, New Mexico and Texas. The final site for the first Gigafactory will be determined in the next few months, once we have full visibility and agreement on the relevant incentives and processes for enabling the Gigafactory to be fully operational to meet the timing for Model 3."

Following the report, analysts were pretty bullish on Tesla's guidance for the rest of the year. Here's what a few of them had to say:

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