Tesla Motors Inc., the maker of battery-powered cars run by entrepreneur Elon Musk. The company announced its fourth-quarter net loss widened to $81.5 million as electric Roadster sales end shortly after the release of Model S sedans.
The Palo Alto, California-based Tesla announced today in a statement on their website that the loss was 69 cents a share. The average of 11 analysts’ estimates compiled by Bloomberg was for a loss of 62 cents. The net loss compares with a $51.4 million deficit a year earlier.
Tesla is now in the process of cleaning house by selling the final units of its $109,000 Roadster sports car. The Model S, intended to expand the company’s sales volume with a base model priced at $57,400, won’t go into production until the middle of this year and the company is shooting for profitability around 2013. Until then, the company’s main revenue source is supplying battery packs and other components to Toyota Motor Corp. and Daimler AG, two of its investors.