Tesla accelerates deliveries

Tesla has reported a strong third quarter for deliveries, with 83,500 vehicles produced.

The electric car maker says it delivered 55,840 Model 3s to customers in that period – three times that of the previous quarter.

Model S sedan and Model X SUV deliveries boosted that to the 83,500.

That compares with about 100,000 deliveries for all of 2017.

Tesla is also looking more to a China factory and growth there for its future.

Overseas media report Tesla had its biggest gain in five years following its chief executive officer Elon Musk settling with the Securities and Exchange Commission (SEC).

The deal means Musk stepping down as Tesla chairman for at least three years and Tesla appointing two new independent directors to its board. Additional controls and procedures will be put in place to oversee Musk’s communications.

SEC’s actions follow Musk’s August tweets that he could take Tesla private at US$420 a share, which SEC says led to “significant market disruption”.

Musk and Tesla will also pay a US$20 million penalty each, to be “distributed to harmed investors under a court-approved process”, SEC says.