Tesla Reports 2012 Losses, Expects Positive Q1 2013
Starting a new car company is hard. Tesla has been finding that out, and it has reported larger losses in 2012 than it did in 2013. It’s not all bad, though – the company is now building 400 Model S cars per day and is on track to produce 20,000 of them this year.
Indeed, the automaker says much of its red ink stems directly from ramping up production of the Model S, the company’s sole product at this point in time. The company says it is now churning out 400 units a day, and is allegedly on track to build roughly 20,000 copies by the end of 2013.
The negative numbers don’t seem to have placed a damper on Tesla’s outlook. CEO Elon Musk stated during the company’s earnings call on Wednesday, “We really have a very high confidence that we will have a profitable first quarter, and this is the very first quarter that we have been at our target production rate.” It’s because Tesla has only just got up and running with its 400-unit-per-day rate that we don’t have full sales numbers yet; the company is still working through a backlog of orders on the Model S – unsurprising, given how impressed we were when we named the Model S our Car of the Year. That said, it still reported sales of 2400 cars in the fourth quarter of 2012 and has grown its international store total to 32. A total of 2650 Model S cars were sold in 2012.
Tesla is aiming to increase its global retail footprint to 52 stores by the end of this year, and also hopes to roll out a leasing program for the Model S and to continue expanding its Supercharger network. Musk stated that the expansion plans will only help to propel the company’s growth, as it currently has “over 15,000″ reservations for the Model S and expect to post a quarterly profit for Q1 of 2013. Ambitious goals, and we’ll have to wait and see how they shake out over the course of 2013.
Sources: Telsa, Automotive News (Subscription required)