Tesla Losses Soar to $154.3 million in 2010, Despite Gains in Revenue

Tesla Motors has just released a preliminary, unaudited financial report concerning the year than ended on Dec. 31, 2010. The company reported losses of US$51.4 million in Q4 2010 and US$154.3 million for 2010, which was almost triple the US$55.74 million loss for the year ending Dec. 31, 2009.

The EV automaker's revenue, however, rose approximately 5 percent in 2010 to $116.7 million. Revenues for the fourth quarter of 2010 were US$36.3 million, a 16% increase from the US$31.2 million reported in the prior quarter. Tesla added that gross margin improved to 26% for the full year 2010, up from 9% for 2009.

The company 's future plans include the launch of the Model S, which is scheduled to go on sale in the middle of next year. Scroll down to read Tesla CEO Elon Musk's statement.

“We are very pleased to report continued revenue growth, improving margins and a steady progression in our Roadster and powertrain activities,” said Elon Musk, CEO of Tesla Motors. “Our powertrain team delivered solid results, with an increase in orders and record deliveries of battery packs and chargers for the Daimler Smart fortwo electric drive, the completion of our development program for the Daimler A-Class, and the commencement of the phase 1 development program for the Toyota RAV4 EV.”

“The highlight of the quarter was our on-time completion of the first drivable Model S alpha,” continued Musk. “The quality and level of refinement of the alpha demonstrates the superb job of our design, vehicle engineering and powertrain teams. They have embraced the opportunity to build an EV from the ground up and have produced a vehicle which shows great potential to deliver superior aerodynamics, stability and handling, crash safety, performance and range. We believe the Model S is well on its way toward becoming the vehicle of choice for 2012.”

Tesla Opens European Flagship Showroom in London

Electric sports car maker Tesla opened its first UK dealership in the heart of London at the Knightsbridge district. The 5,000 square-foot showroom on Cheval Place which is in walking distance from Harrods department store and convenient to Heathrow Airport will act as Tesla's European flagship store and will be followed by sales and service centers in Monaco, Munich and Zurich as well as four new stores in the United States.

The company said that it will begin delivering cars to European customers this summer of which the first 250 will be the Signature Edition Roadster model, priced from £94,000 on the road, but UK customers will have to wait until early 2010 for the first right-hand drive models. All in all, Tesla said that it has received 1,300 European orders for the all-electric Roadster model.

"Thanks to an abundance of discriminating drivers and progressive public policy, Tesla is already well known in Europe," said Tesla CEO Elon Musk. "We expect the London store to dramatically increase our brand identity throughout the continent, and with right hand drive models now due at the beginning of next year, the UK market will provide a solid foundation on which to build this."

Along with the Roadster, Tesla said that is also taking reservations for the four-door Model S sports saloon that is due for production in late 2011.