Tesla Motors reported a second-quarter loss on higher research and development costs as the Palo Alto, California based automaker prepares to launch the Model S electric sedan in 2012. Tesla reported a second-quarter net loss of $38.5 million, compared to a loss of $10.8 million a year ago. Revenue for the electric-car maker was $28.4 million up 5.4 percent from a year ago.
“We are very pleased to report higher gross margins and steady top-line growth, driven by our best quarter for new Roadster orders since the third quarter of 2008 and our growing powertrain activities,” said Elon Musk, CEO of Tesla Motors.
Tesla, which went public in June, does not expect to return profit until it starts selling a significant number of Model S sedans that will hit markets in 2012. Tesla said that Model S sedan launch remains on track and said that it made significant achievements in design, engineering and manufacturability during the quarter.
“The engineering of the Model S continues at a rapid pace,” Musk said. “We have completed the design of the Model S to a level of precision sufficient for us to release the CAD data to external suppliers. Laboratory testing of prototype powertrain components for the Model S has also been kicked-off.”
Refresher: The Tesla Model S sedan can be recharged from any 120v, 208v or 240v outlet. Depending on which Model S trim-level you chose, the all-electric sedan will provide you with a total range of 160, 230 or 300 miles per charge. 0 to 60 comes in just 5.6 seconds with a top speed that is limited to 130 mph. Pricing is expected to come in at $49,900 after a federal tax credit of $7,500. A $5,000 reservation fee is required but is refundable.
Tesla Model S:
– By: Omar Rana