Tesla Motors Inc., the maker of luxury electric vehicles, posted a wider loss of $229.9 million in the third quarter as costs to launch the Model X sport-utility late in September led to a 10th-consecutive quarter of red ink.

Despite the loss, which was coupled with heavy cash use of nearly $450 million, investors cheered the results because the Palo Alto, Calif.-based company stuck to its sales-target goals for the year.

Shares climbed sharply after hours, up 11% to $230.28.