Tesla Motors posts a loss
CALIFORNIA - Electric car maker Tesla Motors Inc posted a sharply wider net loss than a year earlier, but said development of its new Model S sedan was on schedule.
The automaker known for a $109,000 Roadster, said its net loss widened to $34.9 million, or 38 cents per share, in the third quarter, from $4.6 million, or 66 cents per share, a year earlier. Revenue fell 31.4 percent to $31.2 million.
Tesla had previously said it expected to report losses until at least 2012. It expects to introduce the Model S sedan at a price of about $57,400 around the middle of 2012.
The carmaker said it is now testing a prototype powertrain for the Model S and expects to complete a test version of the vehicle by the end of the year.
Tesla, which completed an initial public offering in the summer, has agreed to act as a key supplier to Toyota Motor Corp for an electric Toyota RAV4.
Toyota holds a $50 million stake in Tesla and Panasonic Corp has agreed to invest $30 million.
Related News
Africa must quadruple power investment to supply electricity for all, IEA says
JOHANNESBURG - African countries will need to quadruple their rate of investment in their power sectors for the next two decades to bring reliable electricity to all Africans, an International Energy Agency (IEA) study published on Friday said.
If African countries continue on their policy trajectories, 530 million Africans will still lack electricity in 2030, the IEA report said. It said bringing reliable electricity to all Africans would require annual investment of around $120 billion.
“We’re talking about 2.5% of GDP that should go into the power sector,” Laura Cozzi, the IEA’s Chief Energy Modeller, told journalists ahead of the report’s launch.…
