Tesla Motors Inc. posted net losses of $105.6 million or $1 per share in the second quarter of 2012, compared to net losses of $58.9 million or 60 cents in the same period in 2011. The company logged a 54-percent drop in revenues to $26.7 million. The electric car maker had an 89-cent-per-share adjusted loss, which is smaller than the 94-cent-per-share deficit average 14 analyst estimates compiled by Bloomberg, and wider than the 53 cent-per-share loss in 2011.
Tesla’s losses in the second quarter came as the company ended the sale of its battery-powered Roadster. The electric car maker is now hoping that its Model S sedan, which started production in June 2012, could bring it to profit as early as 2013.
Tesla plans to accelerate the deliveries of the Model S in the second half of 2012. According to Tesla, it has received around 12,200 reservations for the Model S, up from 11,500 at the end of June. Tesla chief executive Elon Musk said that the accelerating pace of reservations makes the company confident that demand will surpass 20,000 Model S units for full-year 2013 deliveries.
Tesla expects Model S deliveries to reach 5,000 units in 2012, giving the carmaker revenues between $560 million to $600 million. The carmaker said it expects to deliver 500 units of the Model S this quarter, with the rest in the fourth quarter. The Model S carries a starting price of $57,400 before a federal tax credit.