Tesla records wider net loss than previous quarter

10 Nov 2010

Automaker Tesla Motors has released its third-quarter financial results which show that the Silicon Valley form made a net loss amounting to $34.9m (around €25m) compared to $38.5m (around €27.8m) in the previous quarter.

Revenues were $31.2m (around €22.5m), a 10pc increase from the $28.4m (around €20.5m) reported in the prior quarter and Gross margin improved to 30pc from 22pc in the previous quarter also.

Despite the automaker recording net losses, Tesla Motors CEO Elon Musk insists the company is on the right track and that the soon-to-be-released sedan Model S is making positive strides.

Expanding strategic relationships

“Roadster orders in this quarter hit a new high since the third quarter of 2009 … we are pleased with the global expansion of the Roadster business and the continued validation of Tesla’s technology leadership position evidenced by our new and expanding strategic relationships.

“We have also been road testing our Model S prototype powertrain for several weeks now, with positive results.”

Panasonic recently invested $30m (around €21.5m) in the Silicon Valley automaker and Tesla signed an agreement in October with Toyota for the development of a complete powertrain for the electric Toyota RAV4 vehicle.