Tesla Posts Quarterly Loss as It Spends on Battery-Power Sedan

Tesla Motors Inc., the U.S. electric carmaker backed by Toyota Motor Corp. and Daimler AG, posted a third-quarter loss excluding some costs of 37 cents a share, less than analysts forecast.

The maker of battery-powered Roadster sports cars said in a statement that its adjusted loss widened to $34.2 million in the period ended Sept. 30 from $4.1 million, or 58 cents a share, a year earlier. The average estimated loss from four analysts surveyed by Bloomberg was 43 cent a share. Revenue fell to $31.2 million from $45.5 million.

Given Tesla’s plans to spend heavily over the next nine quarters to get the Model S sedan into production, “attaining quarterly profitability isn’t a goal,” Chief Executive Officer Elon Musk said today on a conference call. “We’re very focused on long-term profitability.”

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- Posted: 2010-11-09 20:21:38

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