Tesla reports $81.5 million fourth-quarter loss

Tesla Motors Inc. announced its fourth-quarter financial results today and reported a net loss that widened to $81.5 million as it ends sales of the electric Roadster sports car ahead of the release of its Model S sedan.

The net loss compares to a $51.4 million deficit a fiscal year earlier. Tesla said that its fourth-quarter revenue rose to $39.4 million from $36.3 million a year ago.

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Until the company starts making money from the Tesla Model S sedan, which goes on sale this year, it will rely solely on battery packs and other components to Toyota and Daimler AG.

Tesla announced yesterday that the new Model X electric crossover brought in advance orders of over $40 million and that thanks to the hype behind the Model X, sales of the Model S are up 30 percent.

– By: Omar Rana

Source: AutoNews


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