Tesla reported a fourth quarter loss, but said that its Model S electric sedan is on track for a mid-2012 launch. Tesla executives also said that the company may raise $100 million to $150 million to develop Model X, a crossover model.
The company on Tuesday reported a net loss of $51.4 million, or 54 cents a share, on revenue of $36.3 million. The company’s plan to date has been to grow its powertrain business and improve operations ahead of the launch of the Model S, an electric sedan. The company has high-profile partnerships with Toyota and Daimler to develop electric vehicles.
Tesla CEO Elon Musk isn’t short on confidence. He said the Model S, which has a few alpha builds complete, “is well on its way toward becoming the vehicle of choice for 2012.” The Model S will have a price of $50,000 to $80,000.
As for the Model S progress, a fleet of prototypes are being tested for cold weather braking, handling, electrical integration as well as safety validation.
Other milestones to note:
- The Model S is nearly 100 percent sourced with 15 prototypes already built.
- A production contract for an electric Toyota RAV4 is imminent.
- Tesla is likely to win a production contract for Daimler’s Smart Fortwo EV.
- Telsa will have enough to produce 20,000 Model S EVs on one shift, up from the 10,000 units expected.
- The company has reservations for 3,700 Model S vehicles to date.
- Tesla has enough capital to build the Model S.