PALO ALTO, Calif. (AP) -- Electric car maker Tesla Motors Inc., which went public in June, said Wednesday that its second-quarter net loss tripled from a year earlier, but the company stood by its goal to introduce its next-generation electric sedan by 2012.
Tesla, which has never made a quarterly profit, has said it expects to lose money until that car, the Model S, is produced in large numbers. The company currently makes only the $109,000 Roadster, a two-seater.
Tesla reported a net loss of $38.5 million, or $5.04 per share, for the three months that ended June 30. That compares with a loss of $10.9 million, of $1.56 per share, during the same period last year.
Revenue rose to $28.4 million from $26.9 million, lifted by development services revenue.
Did anyone really expect to see a profit this qtr? It's no time to run for the exits, this is a speculative stock for risk takers. We're either going to lose it all or skyrocket if there is a breakthrough for Tesla. This is more fun than going to Vegas. I'm riding it all the way to double my money or lose it all! Logical thinkers, quit trying to spoil my fun!