Manufacturing Woes Deepen Tesla Loss
Electric car maker Tesla Motors Inc. posted a net loss of $90 million for the fourth quarter of last year compared with an $82 million loss in the same period of 2011.
#hybrid
Electric car maker Tesla Motors Inc. posted a net loss of $90 million for the fourth quarter of last year compared with an $82 million loss in the same period of 2011.
The Palo Alto, Calif.-based company's revenue soared to $306 million in the October-December period from $39 million a year earlier. Tesla sold 2,400 vehicles, nearly all of them the new Model S electric sedans.
Quarterly operating expenses jumped 20% year over year to $115 million. The company attributes the increase to higher manufacturing costs and supply-chain inefficiencies.
For the full year, Tesla's net loss deepened to $396 million from $254 million in 2011. The company cites higher R&D expenses and expansion of its dealer network and charging infrastructure.
Revenue doubled to $413 million in 2012, and sales grew to 2,650 vehicles. Tesla says Model S volume was curtailed by supplier problems that hampered production after the car's launch in June.
The company expects to report a small operating profit in the current quarter and hopes to post a net profit in April-June period at least a quarter sooner than it previously forecast.
Tesla aims to sell 20,000 Model S cars this year, including 4,500 units in the January-March period. The company had 15,000 reservations for the car at year-end. Tesla plans to begin leasing in the second half.
The Model S is scheduled to go on sale this summer in Europe and later this year in Asia. Tesla intends to boost its global dealer network from 32 outlets to 52 this year.
RELATED CONTENT
-
Startup Readies Solar-Powered EV
Germany’s Sono Motors GmbH says it has received 5,000 orders for its upcoming Sion electric car, which can be partially recharged by it attached solar panels.
-
Tesla Owners in Germany Ordered to Return Subsidy
Germany has ordered about 800 Tesla Model S electric cars owners to pay back a €4,000 ($4,700) government subsidy they received.
-
About the 2020 Lincoln Aviator
Successful vehicles tend to be those that are available on a global basis, and increasingly, those vehicles tend to be in the SUV segment writ large.