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:

Comments

Recommended

Not a few agree that the Volkswagen Polo news a styling overhaul. While this supermini still looks good as it is now, the latest facelift was around three years. With...
by - April 27, 2017
They say that when the going gets tough, the tough get going. That’s what Harvey Payne did with his Chevrolet Bolt. Ever since he bought it, it had been experiencing...
by - April 27, 2017
What defines a coupe? Well, according to the dictionary, “it is a car with a fixed roof and two doors”. Ok, now that it is clear, when does one not...
by - April 27, 2017
Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 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