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USA: Tesla Loss Widens as Roadster Ends; Model S Due in June

Tesla Motors Inc. (TSLA), the electric-car company founded by Elon Musk, said its first-quarter loss widened to $89.9 million before the release of a new model and as sales of Roadster sports cars ended. The company also reported a supply agreement with Daimler AG. (DAI)
Excluding some items, the loss was 76 cents a share, Palo Alto, California-based Tesla said today in a statement, compared with 44 cents a year ago. The average of 11 analysts’ estimates compiled by Bloomberg was for a loss of 70 cents. The net loss compares with a $48.9 million deficit a year earlier.

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May 9 (Bloomberg) — Tesla Motors Inc., the electric-car company founded by Elon Musk, reported a first-quarter loss, excluding some items, of 76 cents a share. The average estimate of 11 analysts surveyed by Bloomberg was for a 70-cent loss. Cory Johnson reports on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
Revenue dropped 38 percent to $30.2 million from the year- earlier quarter. Tesla said it’s advancing Model S sedan deliveries to June, rather than July, and that it has more than 10,000 orders for the battery-powered vehicle.
“At this relatively early stage, things do look promising for Tesla,” said Ed Kim, director of analysis for Tustin, California-based AutoPacific Inc., an industry researcher. “Coming out ahead of schedule with Model S, securing orders and deals, they’re attaining the goals they need to.”
The Model S, a sedan with a range of as much as 300 miles (483 kilometers) a charge depending on the battery pack purchased, is intended to expand Tesla’s sales volume to at least 20,000 cars annually. The car is priced at $57,400, half the cost of the Roadster sports car Tesla has sold since 2008.
The company raised its second-quarter revenue forecast to $560 million to $600 million, from $550 million to $600 million, citing the revised schedule for Model S deliveries.
More bloomberg.com

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