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.