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]