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The stock price Tesla Motors (NASDAQ:TSLA) surged during the extended trading even if the company reported losses for the third quarter.

It appears that the company’s stock was positively impacted by its outlook for the fourth quarter, the demand for its Model S and Model X vehicle, and Tesla Energy products.

The shares of Tesla Motors closed $208.35 per share, down by 2.54 per share. However, the stock climbed 9.30% to $227.50 per share at the time of this writing around 5:33 in the afternoon on Tuesday.

Tesla Motors 3Q financial results

Tesla Motors reported that a net loss of $230 million or $1.78 per share, the largest over the past ten quarter.

The electric car manufacturer incurred $15 million unrealized losses from the revaluation of its foreign currency holdings and finished goods inventory held by its foreign entities. The company was primarily impacted by the weakness of the Norwegian krone, Canadian dollar, and Chinese yuan during the quarter.

Tesla Motors said its revenue increased almost 33% from $937 million to $1.24 billion. Its gross margin was 25.1%. According to the company, its automotive revenue was $1.16 billion and revenue from services and others (including sales of pre-owned Model S) was $84 million.

During the quarter, Tesla Motors delivered 11,603 vehicles, slightly higher than its estimate in October. The electric car manufacturer ended the quarter with $1.4 billion cash and cash equivalents.

Model X expands the market for Tesla vehicles

In September, Tesla Motors launched the Model X sports utility vehicles (SUV) which offers a combination of unmatched convenience, performance, and safety

“Since the Model X launch event, order rates have accelerated for both Model S and Model X. Although it is too early to draw firm conclusions, this supports our belief that Model X expands the market for Tesla vehicles, with little to no cannibalization of Model S,” says CEO Elon Musk in a letter to shareholders.

Mr. Musk also noted that a “very strong demand for Tesla Energy products globally.” The company is expanding its Tesla Energy sales team, and continuing to sign new business partnerships with utilities and energy companies.

Tesla Motors accelerated its plans to start the cell production of Tesla Energy products at the Gigafactory by the end of 2016.

Tesla Motors business outlook

For the fourth quarter, Tesla Motors plans to produces 15,000 to 17,000 vehicles and deliver around 17,000 to 19,000 vehicles. The company expected to deliver 50,000 to 52,000 vehicles this year.

According to the electric car manufacturer, the biggest hindrance to its Model X production ramp in the fourth quarter is the supply of components related to the second row monopost seats.

Tesla Motors decided to bring the manufacturing of the seats in-house to eliminate supply constraints.

“We expect that Model X will achieve steady state production capacity during Q1 as we do not foresee any significant production, design or supply chain constraints that will impact this plan. Looking ahead, we still remain highly confident of average production and deliveries of 1,600 to 1,800 vehicles per week for Model S and Model X combined during 2016,” said Mr. Musk.