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Report: Tesla Loses $4,000 on Every EV Sale
Tesla Motors Inc.'s reported operating losses for the second quarter of 2015 indicate the company is losing more than $4,000 on each $76,000 Model S electric sedan it sells, according to Reuters.
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Tesla Motors Inc.'s reported operating losses for the second quarter of 2015 indicate the company is losing more than $4,000 on each $76,000 Model S electric sedan it sells, according to Reuters.
Tesla burned through $359 million in cash in April-June as it prepares to roll out its Model X crossover this autumn and completes development of the $35,000 Model 3 due in 2017. The company targets $1.5 billion in capital spending this year.
CEO Elon Musk says the company is looking at options to raise capital, a move analysts consider highly likely. They add that Tesla isn't likely to become profitable until after the Model 3 arrives. The carmaker aims to achieve annual sales volume of 500,000 units by 2020 compared with an expected 55,000 this year.
Tesla, which went public in 2010, has a market capitalization of $31 billion, making it worth more than Fiat Chrysler Automobiles NV. The company's erratic stock price has climbed 70% in two years and is up 9% in 2015 in spite of an 11% drop last Thursday.
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