Tesla shares slip on second-quarter loss

A rise in R&D costs contributes to a net loss for the maker of electric cars, as revenue edges up 5 percent.

Tesla Motors on Wednesday posted a wider second-quarter loss on higher research and development costs as the electric-car maker races to launch a new model in 2012.

The Silicon Valley carmaker's shares slipped 5 percent in after-hours trading after closing down more than 3 percent on the Nasdaq stock market during regular trading.

Tesla Model S
The Tesla Model S on display at the Detroit auto show in January. Sarah Tew/CNET

Tesla, known for its $109,000 Roadster, reported a second-quarter net loss of $38.5 million, or $5.04 per share, compared to a loss of $10.8 million, or $1.56 per share, a year ago.

The company had 7.64 million common shares outstanding in the second quarter, compared with 6.96 million last year.

Revenue was $28.4 million, up 5.4 percent from a year ago.

Tesla, which debuted on the public market in late June, does not expect to be profitable until it sells significant numbers of a planned Model S sedan that it expects to begin selling in 2012.

Tesla shares were trading at $20.50 after hours. The shares closed at $21.26 on the Nasdaq.

 

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