Tesla Motors posted a wider second-quarter loss
By Andrew C., 30 Aug, 2010. 0 Comments
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As Tesla Motors Inc. proceeds with plans to introduce a new model in 2012, it had posted a larger second-quarter loss on higher research and development costs. The electric car maker posted a second-quarter net loss of $38.5 million, compared to $10.8 million loss a year ago. Revenue was $28.4 million, up 5.4% from the previous year. Tesla, which had gone public in June, does not expect to be profitable until it sells a considerable number of a planned Model S sedan that will go on sale in 2012. Tesla said that the launch of the Model S is on track with prototypes of the Model S battery and powertrain components being tested in house. There are only a few initial public offerings that succeeded this year and Tesla is one of them. Tesla was able to raise about $226 million in its offering of 13.3 million shares. It is the first US car company to go public since Ford Motor Co. in 1956.
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