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.
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Magnitude 5 quake strikes near Iran nuclear plant
DUBAI - A magnitude 5 earthquake struck southern Iran early Friday near the Islamic Republic's only nuclear power plant. There were no immediate reports of damage or injuries.
The quake hit Iran's Bushehr province at 5:23 a.m., according to the U.S. Geological Survey. It put the magnitude at 5.1 and the depth of the earthquake at 38 kilometres (24 miles).
Iranian state media did not immediately report on the quake. However, the Bushehr nuclear power plant was designed to withstand much stronger earthquakes.
A magnitude 5 earthquake can cause considerable damage.
Iran sits on major fault lines and is prone to near-daily earthquakes. In…
