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USA: Electric car company Tesla posts big loss

Electric car company Tesla Motors Inc. said Tuesday that its loss widened in the third quarter compared to the same period a year earlier. Tesla

Palo Alto-based Tesla, which this year became the first U.S. automaker to float an initial public stock offering since Ford Motor Co. in 1956, said its loss grew to $34.9 million from $4.6 million a year earlier.

But because of its wider stock distribution since going public, the loss per share narrowed to 38 cents from 66 cents, Tesla said in a Securities and Exchange Commission filing. The company now has more than 92 million shares outstanding compared with 7.6 million in the third quarter of 2009.

Revenue fell to $31.2 million from $45.5 million.

Tesla officials said the company is making progress compared with the second quarter of this year. Revenue is up 10% from the prior quarter and the net loss also narrowed from $38.5 million.

“We are very pleased to report steady top-line growth and significant growth in gross margin, driven by the continued improvement in Roadster orders and our growing powertrain business,” said Elon Musk, Tesla’s chief executive.
Read more at: latimes.com

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