Tesla posted net loss of $48.9 million for the first quarter of 2011

Article by Christian A., on May 5, 2011

California-based Tesla Motors Inc. recorded a net loss of $48.9 million for the first quarter of 2011, compared with the $29.5 million net loss that it had on the same period last year before it sold its shares to the public. However, the company’s revenues increased more than twice to $49 million.

The company’s net loss has widened due to the higher research spending despite the revenue increase that it achieved from its battery packs as well as development work with partners Toyota Motor Corp. and Daimler AG.

According to Elon Musk, the company’s biggest investor, the increase in quarterly revenue can be attributed to the growing contributions from its component supply and development programs for the Toyota RAV4 EV, Daimler Smart fortwo, and Daimler A-Class, as well as to the continued performance of the company’s Roadster business.

The company wants to be a worldwide market leader when it comes to battery-powered vehicles, with the help of the supply deals that it entered with Daimler and Toyota.

The company has been manufacturing and promoting $109,000 rechargeable Roadster sports cars for several years now. Led by Musk, the company is preparing a former Toyota joint-venture factory in California for the manufacturing of $57,400 Model S electric sedan by mid-2012.

Tesla also disclosed that revenue from its development services increased to $15.4 million for the first quarter from $227,000 for the same period last year.

Due to the ongoing expenditures on capital and manufacturing related to the Model S rollout and other expenses, the company does not expect to post an annual profit for several years.

Topics: tesla

If you liked the article, share on:

Pin It

Comments

Recommended

To the proud owners and owner-to-be of the Porsche 991 Carrera GTS, there's good news for you all. German automobile manufacturer Porsche recently confirmed to the public that the Porsche...
by - March 23, 2017
McLaren diehards, this is the moment that you're all waiting for. The British automaker recently publicized the teaser outline of its new automobile that will hit the streets soon, dubbed...
by - March 23, 2017
PSA seems very confident about conquering the world. The purchase of Opel/Vauxhall for €2.2 billion ($2.3B) from General Motors makes PSA the second largest car company, just behind the Volkswagen...
by - March 23, 2017
Reporting for duty. It’s been a year since the Victoria Police was loaned a new Mercedes-AMG GLE 63 S Coupe. In those 12 months, the coupe served as the law...
by - March 23, 2017
After making its debut at the Paris Motor Show last year as a concept car, the Trezor by Renault managed to bring home the 2016 Concept Car Design Of The...
by - March 23, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries