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Tesla: $50 Million Loss

Home - by - May 17, 2014 - 09:00 America/New_York - 13 Comments

Canada Free Press

Tesla Posts $50 Million Loss; Toyota Withdraws Support

Tesla Motors, an electric car maker backed by the U.S. Department of Energy (DOE), posted a $49.8 million loss in the first quarter of 2014. This loss compared to a profit of $11.2 million in the same period a year earlier despite selling more cars.(i) Last year’s profit was not due to electric car sales, but to sales of California zero-emission-vehicle environmental credits to other auto manufacturers. Those lucrative credits have declined and tight battery supply has made it harder to produce the carmaker’s electric vehicles.

Tesla built 7,535 Model S sedans at its factory in Fremont, California, last quarter, a record for the company bringing in revenues totaling $620.5 million compared to $561.8 million a year earlier. Most of the electric autos were delivered to customers, but over 1,000 were put into inventory for European and China markets. Since Tesla does not have much competition currently in the full electric vehicle market, it needs to provide more models to the marketplace. However, the company has announced that its Model X Sport Utility Vehicle will be delayed until next year. Model X design has been completed and Tesla is starting to work with suppliers to build the tooling needed to assemble the car.

greenmotors.de

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» 13 Comments

  1. Althing

    May 17th, 2014

    Haw haw!!!

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  2. DaveVA

    May 17th, 2014

    “emission-vehicle environmental credits” – what a scam

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  3. Jerry Bullshitter

    May 17th, 2014

    There will never ever be a substitute for cubic inches.

    Vroom!
    Vroom!

    Suck my tail pipe.

    Thumb up +8

     
  4. Anonymous

    May 17th, 2014

    Idiots in Tallahassee are making parking spaces narrow, adding hybrid only spaces next to the handicapped, and, in the new Whole Foods lot, they even have two dedicated plug in car spaces.
    Wonderful electric cars saving the planet with massive battery packs and magic electricity from pixie dust. Can’t be that evil coal fired or gas generator electricity the rest of us use.

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  5. Tim

    May 17th, 2014

    “Loss” my ass …

    “Stolen” more likely.

    This “Green Energy” bullshit is a bold-faced scam, perpetrated by politically connected grifters and supported by their elected cronies and fellows-in-crime.

    Noteworthy Comment Thumb up +11

     
  6. AvgDude

    May 17th, 2014

    It just pisses me off that the US and California governments use taxpayer money to subsidize a company who makes products that only rich assholes can afford. That is just bullshit. Tesla simply does not employ enough people to have those subsidies make any kind of sense.

    Noteworthy Comment Thumb up +11

     
  7. Stirrin the BS

    May 17th, 2014

    Carbon Credit Exchange sound familiar?

    “…Toyota’s focus this year will be on its four-door sedan powered by hydrogen fuel cells…”

    I’d put my money on Toyota.

    http://qz.com/186432/why-hydrogen-powered-cars-will-drive-elon-musk-crazy/#

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  8. GM Car of the Future

    May 17th, 2014

    Electric cars are powered by unicorn flatulence.

    When an electric car company goes belly-up, where do you go for repairs, Radio Shack?

    Just ask Fisker owners.

    Chinese auto parts company, Wanxiang Group bought the bankrupt company in February.
    Good luck with that, Fisters. :roll: :-)

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  9. scr_north

    May 17th, 2014

    I read the article and the responses. There were only two and one fellow tried to defend Tesla saying they “only” received $100 million in credits instead of $250 million (I suspect the article author will respond to that) and that Tesla had been profitable even without the credits according to non-GAAP accounting practices. Funny, I thought you generally went to jail for that.
    Anyway, I still find it absolutely amazing that the greenies (both in and out of govt) somehow thing these zero emission cars aren’t responsible for emissions upstream? How the hell do they think the electricity is generated? If it’s nukes then a lot of emissions went into construction, mining, transport etc. The same for dams, wind, photocells etc etc etc. Hell maybe they use the common core math principles to calculate emmissions.

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  10. obama please!

    May 17th, 2014

    “This loss compared to a profit of $11.2 million in the same period a year earlier despite selling more cars”

    This reminds me of the old saw about the radio station offering a contest prize of a vacation in detroit…first prize is a week, second prize is two weeks…

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  11. Tony R

    May 17th, 2014

    So when Tesla finally collapses, you know all the Obama-supporting executives will be filthy stinking rich with their tax-payer supported golden parachutes.

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  12. Name Redacted

    May 17th, 2014

    Because I live near an affluent area, I see several Teslas on the road during my daily commute. I have to give the company credit for one thing – it is an exceptionally beautiful car. I mean, seriously, it is one of the most attractively designed cars I’ve ever seen as far as the artistry of it goes.

    I think there are probably some well-monied conservative guys driving them around here, just because it is so good looking and because of the prestige. I don’t think many of them really give a crap about saving the earth.

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  13. Blink

    May 17th, 2014

    Stranded in Sonoma posted an interesting bit on his blog, on May 3d, about Tesla charging stations at a local outlet mall. Apparently the cost for a recharge is passed on to consumers in higher product prices.

    http://strandedinsonoma.wordpress.com/2014/05/03/shopping-day/ .

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