Tesla earnings beat expectations, stock wobbles

Tesla Motors beat analysts' estimates for the second quarter, earning 11 cents per adjusted share compared with the expected 4 cents.

Tesla TSLA shares rose almost 1% in after-hours trading immediately following the announcement, then fell about 2%. The stock was trading for $223.30 a share.

The electric-car maker reported adjusted income of $16 million, but lost $61.9 million on an unadjusted basis. That compares with a net loss of $30.5 million for the same quarter last year.

Revenue was $769.3 million, up from $405.1 million last year.

The company reported generally positive news about continued demand for its electric cars. Tesla said it made a record 8,763 cars during the quarter and delivered 7,579. ahead of previous guidance. It plans to make about 9,000 cars in the third quarter on the way to its prediction, which is holding, of 35,000 deliveries this year.

Lately, it has been trying to make more of a push internationally. Tesla said Thursday it had doubled its potential market by starting sales to China and having created a right-hand drive of the Model S, which it is targeting for the United Kingdom and Hong Kong. As for Asia, "Model S is off to a very encouraging start in China," CEO Elon Musk and CFO Deepak Ahuja wrote in a letter to investors.

Other news from Tesla:

• Stores. Tesla is opening the most direct-sales stores in China, followed by Europe and North America.

• Superchargers. Tesla has now installed 156 of its high-speed electric-car charging units, aimed at promoting intercity travel in electric cars. Customers have used them for 2.7 million miles of driving, so far.

• Model X. The first prototypes of Tesla's Model X crossover are expected to be ready next week, keeping the vehicle on target to start sales in spring 2015.

• Increased production. Tesla says the production line at its Fremont, Calif., plant is being remodeled to allow for production of up to 1,000 vehicles a week, both for the Model X and Model S.