Tesla lost more money during the second quarter, but it says that an increase in Model S production will improve its fortunes.
EV maker Tesla reported a $110.8 million third quarter loss this morning, a figure that's significantly above last year's $65.1 million loss even though the company has started production of its first-ever volume-intent model.
To allay concerns, the automaker said that it has increased production of its Model S sedan to about 200 cars per week. By December, the company intends to be building about double that on a weekly basis.
In part, Tesla's loss comes from a slower-than-expected roll-out for the Model S, which went into production in July. As production increases, Tesla says it will be able to spread its production costs out.
On a per-share basis, Tesla lost about 92 cents, a figure that exceeds the 90 cents estimated by a Thomson Reuters analyst poll.
Still, Tesla did not revise its $400 million to $440 million 2012 revenue outlook, which was lowered about six weeks ago from $560 to $600 million after the Model S' slow startup.
Tesla has about $109 million on hand, but it says it has raised an additional $222 million since the quarter closed at the end of September.