Tesla loses less than analyst predictions, announces new Mercedes deal

Tesla Motors beat analysts estimates and lost less in the predicted in the third quarter. The electric-car maker also said that it won a tentative agreement to supply powertrains for electric Mercedes-Benz models.

Tesla said that its third-quarter net loss widened to $65.1 million from $34.9 million a year ago. Not counting some items, the loss totals 55 cents a share, Tesla said in a statement. Analysts had predicted earlier this year that the company would lose around 60 cents a share.

Tesla’s CEO Elon Musk recently said that the company has already sold out of its new Model S electric sedan and should turn a profit in 2013.

[slider id=99043]

Click here for more news on the Tesla Model S.

In a letter to its shareholders, Tesla said that it had a ‘letter of intent’ from Daimler AG to supply the full powertrain for the Smart electric car and the Mercedes-Benz A-Class hatchback. Details of that partnership will be announced later this year.

– By: Omar Rana

Source: Bloomberg