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Tesla’s Quarterly Loss Doubles
Tesla Motors Inc. hiked its second-quarter revenue 89% to $769 million, as deliveries of its $75,000 Model S electric sedan climbed to nearly 7,600 units against a target of 7,500.
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Tesla Motors Inc. hiked its second-quarter revenue 89% to $769 million, as deliveries of its $75,000 Model S electric sedan climbed to nearly 7,600 units against a target of 7,500.
But the company's second-quarter loss doubled to $62 million because of expanding marketing costs overseas and prep work to launch the Model X electric crossover early next year.
Tesla says tooling its factory in Fremont, Calif., to add the Model X will reduce Model S output there to 7,800 units in the current quarter from a previous target of 9,500. The company expects to sell 35,000 vehicles in 2014 and achieve an annualized sales rate of 100,000 units by the end of next year.
Spending on overhead and product development in July-September will rise 15% and 20%, respectively, compared with the previous quarter, according to the company. It says capital investment this year could reach $950 million, up $100 million from an earlier estimate.
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