Tesla reports wider 2nd-quarter loss on development costs; Revenues more than double
DETROIT (Reuters) - Electric car maker Tesla Motors Inc. reported a deeper second-quarter loss on Wednesday as sharply higher spending on research and development for upcoming vehicles more than offset revenue gains.
Tesla reported a net loss of $58.9 million compared with a loss of $38.5 million a year earlier. Revenue more than doubled to $58.2 million from $28.4 million a year earlier.
Tesla, which makes the battery-powered Roadster sports car, has not yet produced a profit.
The company's plan for profitability hinges on the success of its upcoming Model S sedan, which is set to launch in mid-2012 and take the company beyond the niche market it established with the Roadster.
Tesla said it had 5,600 reservations for the Model S as of the end of July. Those reservations require a $5,000 deposit.
The company is also developing an SUV-like Model X that will have three rows of seating. Tesla said it expects that model to go on sale in late 2013 and to have sales of 10,000 to 15,000 of the all-electric crossover vehicles from 2014.
Tesla completed an initial public offering a little over a year ago. Toyota Motor Corp. took a $50 million stake in the company and has tapped Tesla to supply the electric powertrain for an all-electric version of Toyota's RAV4.
Tesla's Roadster runs on lithium-ion battery cells manufactured for laptop computers rather than the more expensive, custom-made cells that power other electric vehicles like the Chevrolet Volt.Contact Automotive News