Tesla Revises Forecast For 2012

William Maley
Staff Writer - CheersandGears.com
September 26, 2012

On the surface, everything seems bright and sunny at Tesla. The company has begun production of the new Model S sedan, introduced a new charging network for Model S drivers that uses solar energy, and is in the process of planning new models. But, Tesla is showing some signs of setbacks of becoming an automaker.

In a recent Securities and Exchange Commission filing, Tesla has downgraded their full-year revenue forecast from $550 - $600 million to $400 - $440 million.

"We have methodically increased our Model S production at a rate slower than we had earlier anticipated," Tesla said in the filing.

Tesla says it's about four to five weeks behind its delivery goals due to supplier delays. The automaker says that it is working with suppliers to speed up deliveries.

Tesla also revealed in their filling that have a net cumulative loss of $864.9 million through June 30 of this year. This isn't surprising considering learning to build vehicles and then build them adds up.

This report caused shares in the company to tumble about 8.5% yesterday morning.

Source: Reuters, Tesla Motors

William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.