Tesla narrows net losses for Q4 and full year 2013

Article by Anita Panait, on February 21, 2014

Tesla Motors Inc. was able to cut its net losses in the fourth quarter of 2013 to $16 million from $90 million a year earlier. The carmaker posted a 43-percent year-on-year rise in fourth-quarter revenues to $615 million and had a 26-percent quarterly jump in non-GAAP revenues during the period of $761 million.

Tesla logged $46 million in profit based on non-GAAP accounting standards during the fourth quarter of 2013, compared to $75 million in losses during the same quarter in 2012.

According to Tesla, it sold 6,892 cars in the fourth quarter and 22,477 in full year 2013. The EV maker built more cars in the fourth quarter than planned, and was able to benefit from lower vehicle costs, mainly via component expense cuts and manufacturing efficiencies.

During the quarter, Tesla received $13 million in revenues from powertrain-sharing programs with Toyota and Daimler, and $15 million in regulatory credit revenue.

Tesla’s fourth quarter results were also boosted by a $5-million net gain from favorable foreign currency rates. For the full year 2013, Tesla narrowed its net loss to $74 million from $396 million as annual revenue leaped 387 percent to $2 billion from $413 million.

Tesla is expecting a 55-percent jump in deliveries in 2013 to over 35,000 globally. The company expects Model S production to surge from 600 cars a week to about 1,000 cars a week by the end of the year. For the first quarter of 2014, Tesla expects to deliver 6,400 vehicles, but said that Model S output will be limited by battery cell supplies in the first half of the year.

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