Business News
Electric carmaker Tesla losing money
Aug 4, 2010, 23:38 GMT
New York - Electric cars may be the wave of the future, but carmaker Tesla continues to lose money, second-quarter results showed Wednesday.
Losses at the newly publicly traded company amounted to 39 million dollars, compared to 11 million dollars in the year-earlier period. The development costs for the Limousine S, set to debut in 2012, contributed to the losses.
Demand for its as yet only model also tottered, and only deals to deliver electric batteries to Daimler and Toyota caused the revenue to rise 5 per cent to 28 million dollars.
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