Tesla Slashes 2012 Revenue Outlook 28%

Tesla Motors Inc. has reduced its revenue forecast for this year to a range of $400 million-$440 million from its earlier prediction of $560 million-$600 million, citing the slow production ramp-up of its new Model S electric sedan.

The Palo Alto, Calif.-based electric vehicle startup now expects to sell about half its original target of 5,000 sedans this year.

Tesla began making the $57,400 Model S sedan in June, but had built only 255 cars by this week. The company says supplier delays in delivering some parts contributed to the sluggish start that has put it four to five weeks behind schedule.

Tesla reaffirms its goal of making 20,000 cars next year.

The company also tells the U.S. Securities and Exchange Commission it has agreed to new terms for repaying a $465 million loan from the Dept. of Energy. Under that plan, Tesla has postponed a $15 million payment due on Oct. 15 by four months. The company also promised to submit a plan by Oct. 31 for how it will repay the 10-year loan ahead of schedule.

Separately, Tesla says it will sell 4.34 million shares on Thursday to raise money for "general corporate purposes." CEO Elon Musk, who owns 26% of the company, has agreed to buy as much as $1 million of the offering.

Tesla shares lost nearly 10% on Tuesday to close at $27.66. At that price, the stock offering would raise about $120 million.