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USA: Electric car maker Tesla: No profits until 2013

On the heels of Tesla’s unveiling of its Model X electric crossover last week, the fledgling automaker released financial results yesterday that show continued losses, but lots of hope.

The company says it doesn’t expect to be profitable until 2013. It says in a letter to investors that it lost $81.5 million in the last quarter of 2011.

That’s when it will be selling the about $60,000 Model S, its long-range, electric sedan due out later this year. It is also creating electric components for Toyota and Mercedes-Benz for their electric cars.


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