Tesla shares jump on increased revenue as losses widen

 
Caitlin Morrison
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Tesla founder Elon Musk in one of the company's cars (Source: Getty)

Tesla Motors reported revenue of $1.2bn (£825m) for the three months to 31 December 2015, up from $956m in the same period of 2014.

The electric car company's results fell short of analysts' expectations of $1.85bn in revenue.

Meanwhile, losses for the quarter widened to $320m from $108m.

Shares in the company were up by over four per cent in after hours trading.

The Elon Musk-owned group reported that Model S deliveries increased by 76 per cent year-on-year during the quarter, and reaffirmed plans for new vehicle sales growth of approximately 60-80 per cent in 2016.

"In 2015, we significantly expanded Tesla’s product breadth and operational scale. We introduced new variants of Model S, launched Model X, introduced our groundbreaking Autopilot functionality on both vehicles, and started our complementary energy storage business. Our customers are now driving over 107,000 Tesla vehicles in 42 countries, and have traveled nearly 2 billion miles," said Musk and finance chief Jason Wheeler.