Tesla Shares Pop on Q3 Earnings Beat

Shares of Tesla (TSLA) - Get Report are higher after the electric vehicle maker reported third quarter results that topped analyst forecasts. On a diluted basis, earnings came in at $0.71 a share, expecations had been for profits of $0.09 a share. Revenue of 2.3 billion was also better than expected. Here are some highlights from the company's shareholder letter. For the third quarter, combined net orders for new Model S and Model X
vehicles was up 68%, compared with the same period last year. Tesla opened 17 new stores and service centers to 250 locations globally. Tesla produced 25,185 vehicles, that was a 37% increase from Q2. As it looks to ramp up Model 3 production it looks like Tesla is going to be spending big money in the final quarter of the year. Total CAPEX for 2016 is expected to be $1.8 billion, that's about a billion dollars more than what they've already spent. Some dates for investors to keep on their radar: October 28th: a product demonstration event to unveil an integrated solar roof with next-generation energy storage charging. November 1st: more information about the combined Tesla-Solar City company. November 17th: shareholders meet to cast their final vote on the Solar City acquisition. TheStreet's Ruben Ramirez has details from Wall Street.