Staff Writer - CheersandGears.com
November 5, 2012
Tesla announced their third quarter results today and it was a mixed bag. The company announced a $110.8 million loss, a figure that's significantly higher than last year's $65.1 million loss. Tesla partly blames the loss on a slower-than-expected roll-out for the Model S, which went into production in July. Tesla says they have increased production of the Model S from 100 vehicles per week to 200. The company expects to be building 400 vehicles by the end of December. As for revenues, the company exceeded projections of $48 million by bring in $50 million in revenues.
Tesla didn't revise its $400 to $440 million 2012 revenue outlook. The outlook was lowered about two months ago from from $560 to $600 million after the Model S' slow startup.
William Maley is a staff writer for Cheers & Gears. He can be reached at firstname.lastname@example.org or you can follow him on twitter at @realmudmonster.