SAN FRANCISCO (Reuters) --Tesla Motors Inc. on Wednesday posted a wider second-quarter loss on higher research and development costs as the electric car maker races to launch a new model in 2012.
Tesla, known for its $109,000 Roadster, reported a second-quarter net loss of $38.5 million, compared with a loss of $10.8 million a year ago.
Revenue was $28.4 million, up 5.4 percent from a year ago.
Tesla, which went public in late June, does not expect to be profitable until it sells significant numbers of a planned Model S sedan that it expects to begin selling in 2012.
The company said the launch of the Model S remains on track with prototypes of the Model S battery and powertrain components being tested in house.
The automaker has had one of the few successful initial public offerings this year, raising about $226 million in its offering of 13.3 million shares, and becoming the first U.S. car company to go public since Ford Motor Co. in 1956.
The company has never generated a profit. It expects losses to widen as it devotes the next year to preparing to manufacture the Model S, a luxury electric sedan it plans to launch in 2012 and to sell starting from $57,400.