Tesla Motors has said it expects to realise its first profit in the first quarter of 2013, after posting a net loss of US$89.9m in the fourth quarter.
The electric car maker, founded by Elon Musk, went public in 2010 and since then has narrowed its losses as production of the Model S sedan ramped up late last year, Reuters reported.
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The fourth-quarter loss of $0.79 per share came on revenue of $306m. Full-year revenue was $413m, with a loss of $396m, or $3.69 per share.
In January, CEO Musk said Tesla hoped to earn a quarterly profit later this year.
In an earnings release, the company amended that timetable, saying, “We expect to be slightly profitable (excluding only non-cash option and warrant-related expenses) in Q1 2013.”
Tesla also it expects to be “near breakeven on cash flow” in the first quarter.
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By GlobalDataThe carmaker, based in Palo Alto, California, said it plans to deliver over 20,000 Model S sedans this year, with sales rising higher in 2014 as the car is introduced in new markets outside North America. Tesla said it sold 2,650 Model S sedans in 2012, most of them in the fourth quarter.
Tesla plans to begin selling the Model S in Europe this summer and in Asia this autumn.
Musk in January said the company had reached its target production rate for the Model S of 20,000 a year and expects to launch the Model X, a luxury crossover built on the Model S platform, in the second half of 2014, with a smaller, less expensive sedan code-named Genn III to follow in 2015-2016.
The automaker, founded by Musk, went public in 2010. The Model S is the company’s second electric vehicle, after the two-passenger Roadster sports car. The Model S, which went into production last June, starts at nearly $60,000 before a federal tax credit, with prices ranging to over $105,000.
The company said it is reducing production costs while boosting gross margins, with a target of 25% margins by year-end.
Tesla said it made its first loan repayment of $12.7m last quarter to the USDepartment of Energy, with a second payment due in March. The automaker received $465m in low interest loans from the DOE, Reuters said.
