Tesla reports 2nd quarter loss, says its looking to ramp up Model S production

Tesla Motors has announced a second-quarter loss saying that the drop comes due to the end of Roadster sales and the start of full production of the Model S electric sedan.

Check out more news on the Tesla Model S.

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Tesla’s net loss hit $105.6 million, or $1 a share, up from $58.9 million a year earlier. Revenue dropped 54 percent to $26.7 million.

Separately, Tesla said that it is also considering bumping up production of the Model S to 30,000 units in response to high demand that has pushed the waiting let to 10-11 months.

“Our key objective for the rest of the year is to ramp production with a focus on quality and to rollout the Model S experience to a broader audience through customer deliveries, test drives and store openings,” Tesla said in its second quarter 2012 shareholder letter.

– By: Omar Rana

Source: AutoNews, Inside Line