Tesla (TSLA) Posts Narrower-Than-Expected Q4 Loss; Sales Doubled

February 15, 2011 4:31 PM EST
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Tesla Motors, Inc. (NASDAQ: TSLA) posted a better-than-expected fourth-quarter loss on Tuesday, as the company sees steady progression with Roadster and powertrain businesses.

The electric car manufacturer reported a fourth-quarter loss of 47 cents per share, 3 cents better than the analyst estimate for a loss of 50 cents per share.

Revenue for the company nearly doubled to $36.3 million from $18.6 million last year, beating the market consensus of $34.32 million.

“We are very pleased to report continued revenue growth, improving margins and a steady progression in our Roadster and powertrain activities,” said Elon Musk, CEO of Tesla Motors. The highlight of the quarter was our on-time completion of the first drivable Model S alpha. We believe the Model S is well on its way toward becoming the vehicle of choice for 2012.”

Tesla confirmed that it remains on schedule for first customer deliveries of the Model S in mid-2012.

Shares of Tesla are up 1.23 percent to $23.12 in aftermarket movement on Tuesday.

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