Tesla Loses $154m In 2010
Despite launching a frothy IPO, EV maker Tesla’s net loss nearly tripled last year, losing more than $154m compared to a $55.7m loss in 2009. Total revenues were up nearly $5m, but only due to a nearly $20m bump in “development services” income. Revenue from “automotive sales” was down by around $15m. R&D costs skyrocketed from $19.3m to nearly $93m, while “selling, general and administrative” costs doubled to $84m. Still, CEO Elon Musk is all optimism in the firm’s press release, crowing
We are very pleased to report continued revenue growth, improving margins and a steady progression in our Roadster and powertrain activities,. Our powertrain team delivered solid results, with an increase in orders and record deliveries of battery packs and chargers for the Daimler Smart fortwo electric drive, the completion of our development program for the Daimler A-Class, and the commencement of the phase 1 development program for the Toyota RAV4 EV.
Musk noted that the firm is on-track to start delivery of its forthcoming Model S sports sedan in mid-2012. It had better be, because Tesla’s clearly not going to sustain itself on Roadsters.
Who would have thought? I guess it's time for a big government (ie, taxpayer) loan. Face it, there will never be any cars from this outfit, but the executives will be well paid. And why not? The other day I heard Chairman Maobama claiming "we" needed to "invest" in this "new technology." Maybe I need to form a "start-up" and get my fair share of the spoils while there's still a country left.
They need to change their focus to battery packs, drives, software, & controls. Ditch the auto manufacturing. Do this and they have a chance.
I agree with trend shifter. Tesla is committing a common folly with many start-ups from Silicon Valley....over expansion.
Texas loses $154M? Pikers. Obama loses that much every hour. Oh, wait. You said Tesla. Never mind.