Tesla revenues may increase up to 50 percent in 2011, report says

Article by Christian A., on February 18, 2011

Tesla Motors Inc. said that its revenue in 2011 may increase up to 50% due to the high demand for its rechargeable vehicles and battery packs. The U.S. electric sports carmaker released annual results last Tuesday for the first time since its initial public offering in June, reporting revenue of $116.7 million in 2010.

Deepak Ahuja, Tesla's chief financial officer, said in a conference call, that the carmaker predicts that revenue will rise to about 40 to 50% in 2011, to $160 million to $175 million. Tesla’s 2011 forecast surpassed the $152 million average estimate of six analysts surveyed by Bloomberg.

Tesla said the fourth-quarter net loss increased to $51.4 million from $23.2 million a year earlier as it raised investment in the Model S sedan, its next all-electric model. Tesla aims to be the leader in battery-powered cars, helped by supply agreements with Toyota and Daimler.

Aside from development costs for the Model S, Tesla is also preparing a former Toyota joint-venture factory in Fremont, California, to start production of the $57,400 Model S next year.

Initially, Tesla's initial goal is to sell about 20,000 units of the Model S annually. Michael Yoshikami, chief investment strategist at YCMNet Advisors in California, said that he is focusing on how quickly the company could scale up, with the assumption that demand meets their company’s expectations. [via autonews - sub. required]

Topics: tesla, sales

If you liked the article, share on:

Comments

Recommended

J.D. Power has officially released the 2017 Vehicle Dependability Study, an annual list of the most dependable brands in the auto industry. Once again coming on top is Lexus, the...
by - February 26, 2017
Citroen revealed that its entry to the Chinese market is moving forward with the planned release of the new generation C5. While still on sale on this part of the...
by - February 26, 2017
There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 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