Tesla Earnings Drop; No Announcement Yet on Gigafactory

By: AP Email
By: AP Email

In a conference call Wednesday afternoon with business reporters, Tesla did not announce whether an upcoming gigafactory will be built in Nevada, instead saying ground may be broken in June 2014 on one or two locations. Nevada is still in the running, along with Arizona, California, New Mexico and Texas.

DETROIT (AP) - Electric car maker Tesla Motors lost $49.8 million in the first quarter as development costs grew compared with a year ago.

Tesla's loss of 40 cents per share compared with a profit of 10 cents per share in the January-March period last year.

Revenue grew 10 percent to $620.5 million. Tesla produced a record 7,535 Model S sedans and delivered 6,457 to customers.

Analysts polled by FactSet had forecast a profit of 8 cents per share on revenue of $683.5 million.

Research and development costs jumped 49 percent to $81.5 million as Tesla prepares to launch the Model X crossover next year and lays the groundwork for a battery factory that is expected to be complete in 2020.

Tesla's shares fell 6 percent to $11.98 in after-hours trading


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