With the announcement of disappointing second quarter financial results, Tesla Motors will continue a profitless streak that stretches back to the company’s founding in 2003. Significant revenue increases for the automaker were negated by rapidly escalating research costs in addition to the hiring of new engineers.
Revenue for the EV automaker surged $29.8 million from a year earlier to $58.2 million, but the company nevertheless reported a net loss of $58.9 million. That figure compares to a loss of $28.4 million in the second quarter of 2010.
Tesla is shooting for its first-ever profit with the upcoming release of its Model S sedan, which is set to launch in mid-2012. Previously, the company’s only sales income had been from the expensive, niche-market Tesla Roadster.
The electric-powered Model S is comparable in size and price to a BMW 535i, with the company predicting a zero to 60 time of 5.6 seconds and a range of about 160 miles. Tesla says it has 5,000 reservations for the Model S.
Tesla has also announced plans for a three-row, SUV-like Model X that would go on sale late in 2013. Annual sales of 10,000 to 15,000 units are the rather ambitious target for the big EV.
References
1.’Tesla reports quarterly…’ view
