By selling Zero Emission Vehicle credits earned from the sale of its Roadster in California, Tesla Motors earned $12 million. Large automakers must hit ZEV sales and production targets, but buying credits can give them some flexibility.
LOS ANGELES (Bloomberg) -- Electric car maker Tesla Motors Inc. said its second-quarter loss widened after the end of battery-powered Roadster sales and ahead of full output of the Model S sedan.
Tesla's net loss totaled $105.6 million, or $1 a share, up from $58.9 million, or 60 cents, a year earlier.
Revenue fell 54 percent to $26.7 million.
The company named for inventor Nikola Tesla had an adjusted loss of 89 cents a share, narrower than an estimate of a deficit of 94 cents, the average estimate of 14 analysts surveyed by Bloomberg, and wider than the loss of 53 cents a year earlier.
The carmaker, which counts Daimler AG and Toyota Motor Corp. as customers and investors, plans to accelerate Model S deliveries in the year's second half after starting production of the car in June. The rechargeable sedan, with a base price of $57,400 before a federal tax credit, is intended to generate the company's first profitable quarters as early as 2013. Tesla said it has about 12,200 reservations for the Model S, up from 11,500 at the end of June.
"This accelerating pace of reservations makes us confident that demand will surpass 20,000 Model S units for full-year 2013 deliveries," CEO Elon Musk said Wednesday in a statement on the company's Web site.
The company reaffirmed that Model S deliveries should reach 5,000 in 2012 and that revenue for the year will be $560 million to $600 million. Tesla said it expects to deliver 500 units of the Model S during this quarter, with the rest in the fourth quarter.
While Tesla may consider raising equity capital at some point to provide a cushion and help fund vehicle development, it won't do so in the "very immediate future," Musk said on a conference call with analysts and investors.
Tesla shares fell 3 percent to close at $28.13 today on the Nasdaq.