Tesla widens Q4 net losses from $16 million to $108 million

Article by Christian A., on February 17, 2015

Tesla Motors Inc. saw its net losses widen almost sevenfold in the fourth quarter of 2014 from $16 million to $108 million. The carmaker saw its revenues for the quarter surge 55 percent from $615 million to $957 million. Using the Tesla’s preferred non-GAAP methods, its revenue grew 44 percent to $1.1 billion.

The US-based EV maker built 11,627 vehicles in the fourth quarter on the way to achieving its target of producing 35,000 vehicles for the 2014 calendar year. However, a good number of these vehicles were not delivered to customers by the end 2014, which means Tesla failed to hit its target of delivering 33,000 vehicles for the year.

In a letter to shareholders, Tesla said that deliveries of produced cars were physically impossible due to customers on vacation, severe winter weather and shipping issues. The carmaker expects improvements in production, deliveries and profits in 2015, as the carmaker is set to introduce its newest EV, the Model X, in the third quarter.

Tesla has warned that a strengthening dollar might eat into its earnings. It said that gross profit margin for the first quarter of 2015 will be around 26 percent instead than 28 percent should exchange rates remain at current levels. Tesla is targeting to deliver 70 percent more vehicles in 2015 to 55,000 unit.

That would not be hard for Tesla, though, as it entered 2015 with 10,000 orders for the Model S and 20,000 orders for the Model X. Chief executive Elon Musk remarked that the carmaker will not unveil the Model X to the public "until it gets delivered."

He added that the EV maker will avoid going "super crazy" with the mass-market Model 3 as it wants to prevent delays similar to those that have affected the Model X. He added that though the new Model 3 will be an amazing car, it won't be the “most adventurous version of the Model 3 to begin with."

If you liked the article, share on:

Topics: tesla, loss

Comments

Recommended

Renault Chairman and CEO Carlos Ghosn inaugurated the all-new Alpine A110 production line. This inauguration was attended by the Minister for Economy and Finance of France, Bruno Le Maire, with...
by - December 17, 2017
TOYOTA GAZOO Racing revealed that it will be participating in the 2018 Tokyo Auto Salon with the theme “Meister's Workshop.” The company will showcase models that have been part of...
by - December 16, 2017
Infiniti has commenced sales of the new 2018 Infiniti QX80 full-size luxury sports utility vehicle. Aside from the standard specs and optional features, potential customers would want to know how...
by - December 15, 2017
If there is one thing that Pagani Automobili and Fiat have in common, it is the fact that they are Italian companies that build and assemble vehicles. There is currently...
by - December 15, 2017
It’s Star Wars fever once again, and the second installation of the trilogy sequel -- “Star Wars: The Last Jedi” -- is finally hitting theaters. Avid fans of the franchise...
by - December 15, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries