Tesla Motors Reports First Quarter 2011 Results
Tesla has now delivered over 1,650 Roadsters around the world. Roadster owners have driven almost 11 million miles. In addition, Tesla has now received over 4,600 reservations for the Model S.
Revenues for the first quarter of 2011 were $49.0 million, a 35% increase from the $36.3 million reported in the prior quarter. Gross margin improved to 37%, up from 31% for the prior quarter.
Net loss for the quarter was $48.9 million as compared to $51.4 million in the prior quarter on a GAAP basis.
Tesla delivered a record number of production battery packs and chargers for both Daimler's Smart fortwo and A-Class vehicles for the fourth quarter in a row. Daimler increased its total orders for the Smart fortwo electric drive components from 1,800 to 2,100 sets. All of these will be delivered in 2011.
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