Tesla to Shareholders: We are on Track for 2012
High performance electric car maker Tesla (NASDAQ:TSLA) released their fourth quarter earnings statement today. Revenues for the quarter were $39 million rising 9 percent on the previous year, but 2011 as a whole, at $204 million, was up 75 percent over 2010. The company expects 2012 revenues to be in the range of $550 million to $600 million. The loss for the quarter was $81 million ($0.78 per share) and for the year as a whole was $264 million ($2.53 a share). Losses are expected to continue for another year or so.
On the new models front, Tesla’s Model S, which does 0-60 in 4.5 seconds, has reservations for 8000 cars and should hit the streets in July. Its Model X has 500 firm reservations and is expected to ship 10,000 – 15,000 units a year from 2013.
It has entered into an arrangement with Daimler to develop a new electric Mercedes powertrain. In sum, it appears that things are going as per plan for the company with its capacity fully booked and new models having successful debuts.
Here’s how shares of Tesla are reacting to the news:
Tesla Motors, Inc. (NASDAQ:TSLA): TSLA shares recently traded at $33.94, up $0.34, or 1.01%. They have traded in a 52-week range of $21.11 to $32.49. Volume today was 990,565 shares versus a 3-month average volume of 1,106,200 shares. The company’s trailing earnings are $-2.29 per share.
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