Tesla’s Revenue Is Up 500% And They Lost $90 Million For The Quarter
Tesla Motors has released their financial statement for Q4 2012. The company announced that revenue for the fourth quarter jumped 500% to $306 million. The company saw a GAAP net loss of $90 million for the quarter. The company has total liabilities of $989.5 million including $452.3 million in debt. The company sold 2,400 Model S sedans for the fourth quarter and made $12.7 million principal payment on their Department of Energy loan schedule.
Tesla is producing around 400 vehicles per week. “We produced over 2,750 vehicles during the quarter and more than 3,100 vehicles during the full year, while maintaining our stringent quality standards,” said Tesla in the statement. The company can reliably produce around 20,000 cars per year.
Tesla also opened 8 stores in the U.S. and Canada in the last quarter. They now have a total of around 32 across the world. The company is planning on opening another 15-20 more stores this year. Half of them will be in Europe and Asia. The company wants to double the number of service locations by the end of 2013. All of their remaining Roadsters have been sold. The company’s goals are to expand the presence of the Model S and turn profitable for 2013.