Tesla logs $38 million in net loss in third quarter of 2013

Article by Anita Panait, on November 6, 2013

Tesla Motors Inc. logged $38 million in net losses and $431 million in revenue in the third quarter of 2013. In the same period in 2012, when the carmaker was just commencing output of the Model S, it posted $111 million in losses and $50 million in revenue. Tesla posted $102 million in gross profit in the third quarter before r&d and sales, general and administrative expenses were counted in.

In terms of non-GAAP figures, Tesla said it logged $16 million in net income on $603 million in revenue for the third quarter, with non-GAAP gross margins pegged at 21 percent.  Tesla’s third-quarter net loss was equivalent to 32 cents a share, while the average estimate of Wall Street analysts was of 11 cents a share in profit on $553 million in sales before special items.

Tesla's non-GAAP accounting excludes non-cash items like: stock-based compensation; the change in fair value related to the company’s warranty liabilities; non-cash interest expense linked to the carmaker’s 1.5 percent convertible senior notes; and one-time expenses associated with the early repayment of Tesla’s Department of Energy loan.

Tesla also included deferred revenue like the full value of cars sold with a resale value guarantee. Through traditional accounting methods, automotive sales represented $325 million in expenses, $56 million in r&d expenses, and $77 million in selling and general administrative expenses, Tesla said.

The carmaker expects its r&d costs to surge 25 percent in the fourth quarter and the selling and administrative expenses to hike 20 percent. Tesla electric car maker generated $26 million of free cash flow in the third quarter, resulting to $796 million in cash on hand.

With two engines, one in the front and one in the rear, Tesla Model S digitally and independently operates torque to the front and rear wheels. The outcome is unmatched traction control in all environments. Unlike the traditional all-wheel drive cars that relinquish fuel effectiveness for enhanced traction, Tesla's Electric All Wheel Drive system increases proficiency.

Performance

Attaining 0-60 mph in a mere 2.8 seconds, Model S is the fastest four-door car ever created.

Superior handling is the aftereffect of a remarkably low center of gravity, due to the battery pack along the floor pan, centered between the axles. No other production vehicle has a more perfect situation of mass for ideal handling.

Storage

Without an internal combustion engine, Tesla Model S takes into consideration additional cargo space and provides a roomy cabin fitting five adults and two youngsters (rear-facing jump seats).

Touch Screen

The 17" center touchscreen effortlessly incorporates media, navigation, communications, cabin control and car information into one intuitive interface. Many functions are reflected on the instrument board and are voice-controlled to concentrate the driver's attention on the road.

Productivity

Model S enables you to travel to any place without using a drop of gasoline. The EPA rates the effectiveness of Tesla Model S as proportional to 90 mpg.

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Topics: tesla, loss

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