Tesla Q1: Revenue Up, Net Profit Down

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Tesla Q1: Revenue Up, Net Profit Down

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.

SEE ALSO: Tesla Drops ‘Model E’ Trademark

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

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GALLERY: Tesla Model X

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Discuss this story at our Tesla forum

  • silvrado

    Jalopnik wrote a better article on this news.

  • Rickers

    I’ll check it out. Normally I read Jalopnik when I want to know about planes…..

  • chavitz

    As usual, This news will push Tesla stock price further higher. Tesla has never made profit, but Current tesla stock price is about twice of that of the most profitable carmaker Toyota. Go figure

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