Today, November 5th, Tesla reported a bigger third-quarter loss as it increased production for the Model S sedan.
The company announced that it has increased weekly production of the Model S to 100 cars by the end of the quarter and now it reached 200 cars. Tesla plans to increase production to 400 units per week by December, from only 5 cars per week in July. The company said that its third-quarter loss has reached $110.8 million, from $65.1 million in the same period last year.
Tesla announced a loss of 92 cents per share, compared with the 90 cents predicted by analysts, and revenue reached $50 million, an increase of 16% from 2011 and 88% from the last quarter. At the end of September, Tesla had reduced its previous target to $560 million due to slower than expected rollout of the Model S.
Last month Tesla celebrated the 1,000th unit production of Model S. Tesla Motors was initially planning to produce a total of 5,000 units of the Model S until the end of the year but considering the fact that at the end of October the company is celebrating the 1,000th unit produced, the initial target won’t be achieved, even if the demand will increase.