Tesla Motors third quarter revenues up 10 per cent

Electric vehicle manufacturer reports net loss of $34.93m.

Electric vehicle maker Tesla Motors has reported total revenues of $31.24m for the third quarter ended 30 September 2010, an increase of 10 per cent compared to $28.4m for the same period in 2009.

Gross profit was $9.29m for the third quarter of 2010, compared to $6.26m for the same period in 2009.

The company posted net loss of $34.93m, or $0.38 per diluted share, compared to $38.51m, or $5.04 per diluted share for the same period in 2009.
Selling, general and administrative expenses were $20.43m for the third quarter of 2010, against $22.2m for the same period in 2009.

For the nine months ended 30 September 2010, the company posted total revenues of $80.45m, compared to $93.35m for the same period in 2009.
Gross profit was $19.41m, compared to $7.75m for the same period in 2009.

Net loss was $102.97m, or $2.86 per diluted share, for the nine months of 2010, compared to $31.49m, or $4.51 per diluted share, for the same period in 2009.

Selling, general and administrative expenses were $59.22m, compared to $25.58m for the same period in 2009.

Tesla Motors CEO Elon Musk said, Roadster orders in this quarter hit a new high since the third quarter of 2008, having increased over 15 per cent from last quarter.

"While some of this is due to seasonal effects associated with selling a convertible during the summer months, we are pleased with the global expansion of the Roadster business and the continued validation of Tesla's technology leadership position evidenced by our new and expanding strategic relationships," Musk said.

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