Despite producing a record high number of Model S vehicles, Tesla experienced a net loss in the first quarter of the year.
During the American automaker’s earnings call, Tesla said it posted a $49.8 million net loss while revenue rose to $620 million. A year earlier, Tesla posted net income of $11.3 million with revenue of $555 million. According to the company, it sold 6,457 vehicles during the first quarter and had gross profit of $155 million. Operating loss however was $44 million while accounting for research and development along with sales and administrative expenses.
That works out to roughly $7,700 lost on every Model S Tesla sold.
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During the fourth quarter of 2013, Tesla posted a $16 million net loss on revenue of $615 million. The company expects to deliver 7,500 cars next quarter but production has been hampered due to a constraint in battery cell supply. The automaker hopes to resolve the battery cell supply issue by the third quarter. Forecasting into the second quarter of 2014, Tesla expects R&D expenses to rise 30 percent while selling, general and administrative (SGA) expenses will increase by 15 percent.
GALLERY: 2013 Tesla Model S
GALLERY: Tesla Model X
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