Tesla Motors posts a loss
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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Cal ISO Warns Rolling Blackouts Possible, Calls For Conservation As Power Grid Strains
LOS ANGELES - Residents and businesses across Southern California were urged to conserve power Tuesday afternoon as the manager of the state’s power grid warned rolling blackouts could be imminent for some power customers.
The California Independent System Operator (Cal ISO), which manages the state power grid, declared a Stage 2 emergency as of 2:30 p.m., indicating severe strain on the electrical system.
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Rolling blackouts for some customers could occur in a Stage 3 emergency.
Cal ISO issued a statewide Flex Alert in effect from 3 to 10 p.m. Tuesday and Wednesday, with conservation considered especially critical during those…
