Tesla posted a deeper second-quarter loss

Article by Christian Andrei, on August 3, 2011

For the second-quarter of 2011, Tesla Motors Inc. posted a deeper loss as significantly higher expenses for research and development had more than offset revenue gains. The electric car maker posted a net loss of $58.9 million while it had recorded a loss of $38.5 million in the previous year.

Its revenue rose from $28.4 million a year ago to this year’s $58.2 million. Tesla, the producer of the battery-powered Roadster sports car, has yet to post a profit.

It is relying on its upcoming Model S sedan, which will be launched in the middle of 2012. Tesla hopes that the Model S will enable it to achieve sales that go beyond the niche market of the Roadster. Tesla said that as of the end of July, it had recorded 5,600 reservations for the Model S.

Each reservation required a deposit of $5,000. Tesla is currently working on the Model X, an SUV-like unit that will have three rows of seating. Tesla said that this model will go on sale in late 2013. It also expects to sell 10,000 to 15,000 of the all-electric crossover vehicles starting in 2014. Tesla had completed an initial public offering slightly more than one year ago.

Toyota Motor Corp. bought a stake in the company for $50 million. Tesla was asked by Toyota to provide the electric powertrain for an all-electric version of the RAV4.

Tesla's Roadster is powered by lithium-ion battery cells made for laptop computers instead of the costlier custom-made cells that are used on other electric vehicles such as the Chevrolet Volt.

Topics: tesla

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