Tesla Motors Reports Massive Quarterly Loss image

Tesla Motors reported massive quarterly loss but assured Wall Street it is still going to sell 5,000 all-electric Model S sedans by the end of this year.

The company didn’t sell any cars since June 22nd, after the big event when Tesla offered the keys for the first 10 cars ahead of schedule. Analysts doubt the company’s ability to boost sales so much as to reach 5,000 units by the end of 2012. The revenue dropped to $27 million in the second quarter, from $30.2 million in the first quarter and $58.2 million in 2011. Tesla also announced a loss of $106 million, or $1 a share, from $89.9 million or 86 cents a share in the first quarter.

But Tesla still expects to reach revenue of $560- $600 million by the end of this year and it also announced its shareholders it aims at delivering 500 units in the third quarter and 4,500 in the fourth quarter.

“We’ve made a total of 40 production vehicles so far,” CEO Elon Musk said in a conference call with analysts. “The production steps up in a geometric and exponential way — the production ramp is this sharp S curve. In 2013 we’ll produce at least 20,000 units. That’s the thing that really matters.”