Tesla expects 50% growth on car and battery sales in 2011

2011 Detroit: Tesla Model S Skeleton
2011 Detroit: Tesla Model S Skeleton

There is no doubt that Tesla Motors has some huge ambitions to become a profitable and viable electric-car company. The Palo Alto, California based company that is backed by Daimler AG and Toyota, said that it expects revenue in 2011 to jump as much as 50 percent due to higher demand for its vehicles and battery packs.

On Tuesday, Tesla Motors released its annual results for the first time since its initial public offering in June. The company posted a revenue of $116.7 million in 2010. In comparison with six analysts surveyed by Bloomberg, Tesla’s forecast for 2011 exceeds the average estimate by $152 million.

Tesla Motors said the fourth-quarter net loss increased to $51.4 million from $23.2 million a year earlier as it boosted investment in the Model S electric sedan.

– By: Omar Rana

Source: Bloomberg