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Tesla Narrows Losses
Tesla Motors Inc. posted a $16 million net loss in the fourth quarter of 2013 compared with a $90 loss a year earlier.
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Tesla Motors Inc. posted a $16 million net loss in the fourth quarter of 2013 compared with a $90 loss a year earlier.
Quarterly revenue surged 43% to $615 million as sales of the California-based company's $71,000 electric Model S sedan, which debuted in December 2012, reached 6,900 units.
The company generated $13 million through sales of its EV powertrain components to Daimler and Toyota. It also picked up $15 million in regulatory revenue and $5 million from favorable exchange rates.
For the full year, Tesla shrank its net loss to $74 million from $396 million in 2012. Revenue nearly quadrupled to $2 billion, and Model S sales totaled 22,500.
The company predicts its global sales this year will surpass 35,000 units. Tesla currently builds cars at a rate of 600 per week at its plant in Fremont, Calif. Output should reach 1,000 per week by year-end, according to the company.
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