Tesla Motors’ automotive sales for first quarter ended 31 March rose 11.46% to US$618.81m from $555.20m. Its total revenues for the period were up 10.46% to $620.54m from $561.79m in same period in 2013. The company’s loss from operations widened from $5.58m in the first quarter 2013 to $43.97m in the first quarter 2014.
Loss before income taxes for the period was $48.99m compared to a profit of $11.4m in the same period in 2013. The company reported a net loss of $49.8m compared to a profit of $11.25m.
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Outlook for second quarter and 2014
The company expects to deliver about 7,500 Model S vehicles in the second quarter as its move toward its goal of more than 35,000 for 2014. It also plans to produce 8,500 to 9,000 cars in the quarter, representing a 13% to 19% increase over first quarter.
As manufacturing efficiency and part costs continue to improve, the company believes a 28% automotive gross margin by the fourth quarter of 2014 is still an achievable target.
