Tesla Motors Inc. expects its revenue to substantially rise in the second half of 2012 when it commences the sale of its new Model S sedan. In its latest financial results, the company forecasts that its revenues in 2012 will soar up to $600 million, with around 90% coming in the second half. The projected 2012 revenues will almost triple the company’s reported revenues in 2011 at $204 million.
Elon Musk, chief executive of Tesla, confirmed in a conference call yesterday that the bulk of the 2012 revenue is “Model S-related." The electric car company plans to roll out up to 5,000 Model S vehicles this year, production of which commences mid-2012.
The company is ending the production of it $109,000 Roadster sports car and is trying to sell the final 330 units this year.
Until it begins the deliveries, Tesla has no major source of revenues other than supplying battery packs and other parts to Toyota Motor Corp. and Daimler AG, two of its investors. The company’s net loss for the fourth quarter of 2011 was 78 cents a share, higher than the net loss for the same period in 2010 at 54 cents a shares.
Excluding some items, Tesla’s loss for the fourth quarter of 2011 was 69 cents a share, higher than the loss for the same period in 2010 of 67 cents a shares, says Autonews.
The company’s fourth quarter per share net loss was higher than the average estimate of 11 analyst surveyed by Bloomberg News at 62 cents per share. In its statement, Tesla revealed that it is commencing a project with Daimler to develop a new Mercedes-Benz vehicle with a full Tesla powertrain -- including batteries, a motor and electronic controls and software.