Tesla’s Loss Deepens As It Awaits Model S Payoff

Tesla Motors Inc.'s net loss widened to $106 million in the second quarter of 2012 from $59 million a year earlier.

Revenue plunged 54% to $27 million, including a drop in automotive sales to $22 million from $39 million in April-June 2011. Tesla is winding down sales of its Roadster, and deliveries of the new $57,400 Model S sedan didn't begin until late June.

Development service revenue plummeted to $27 million from $58 million a year earlier. The company has completed work on the electric drive train for Toyota Motor Corp. RAV4 EV. Tesla is now receiving fees from Daimler AG for developing a new electric powertrain.

R&D spending jumped 42% to $75 million as the company prepared for the Model S launch. Tesla held $211 million in cash on June 30.

The company reports 12,200 customer reservations for the Model S. Tesla says it still expects to sell 5,000 sedans this year, including 500 in the current quarter.