Tesla posts $61.9 million loss as second-quarter sales climb

Reuters News
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Posted: Jul 31, 2014 4:36 PM

DETROIT (Reuters) - Tesla Motors Inc, the California-based maker of luxury electric cars, said it lost $61.9 million, or 50 cents a share, in the second quarter, as revenue nearly doubled to $769.3 million.

On a non-GAAP basis, Tesla said it earned 11 cents a share, topping analysts' expectations of 4 cents.

Earlier on Thursday, the automaker announced a partnership with Japanese electronics giant Panasonic Corp to build a $5 billion battery "gigafactory" in the United States.

Tesla built a record 8,763 Model S sedans in the quarter, and delivered a record 7,579 cars to customers.

Tesla shares rose to nearly $227 after it reported its results. They closed at $223.30, down 2.4 percent, in regular trade.

(Reporting by Paul Lienert and Bernie Woodall in Detroit; Editing by Bernard Orr)