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Tesla says its losses will soon be in the rear-view mirror, but the electric-car maker isn’t there yet.
Tesla (TSLA) reported a loss of roughly $75 million for the fourth quarter on Wednesday, or 65 cents a share, wider than analysts had predicted. Sales came in slightly ahead of estimates at $306 million, but that wasn’t enough to keep shares from sinking 2.4% in after-hours trading.
Analysts surveyed by Thomson Reuters projected that the company would post $298 million in sales and a loss of 53 cents a share.
Tesla has been in the headlines recently after a negative review of its new Model S in the New York Times earlier this month sent shares sinking. Tesla CEO Elon Musk fired back, alleging that the reviewer falsified aspects of the article.
The review came at a sensitive time for Tesla, which has struggled to hit delivery targets amid continuing challenges with its technology.
In a letter to shareholders, Tesla executives said the company expects to generate a slight profit for the current quarter, with production improving and capital expenditure decreasing. The company has “concluded the majority of our investment” in its factory and in the tooling of its signature car, the Model S, the executives said.
Analysts expect Tesla to post a modest full-year profit in 2013.
