Tesla Motors Inc., best known for making cool sporty electric cars has today posted a USD $34.9 million ($34.8 million) net loss for third quarter of 2010, according to a Reuters report.
That's an increase loss of USD $30.3 million over last year. The company says the additional funds were used in getting its Model S ready for launch in 2012.
Whilst development work continues Tesla isn't selling as many cars as it used to either, with revenue down by nearly 1/3 to just USD $31.2 million ($31 million).
The American based company which was started by one of the co-founders of Paypal, has already seen $50 million buy-in from Toyota and a potential $30 million from Panasonic.
CEO Elon Musk says his company will spend nearly $500 million over the next two and a bit years to ramp up production and volume from just 600 units to the expected 20,000 per year.
Tesla expects to report losses until at least 2012 when the Model S is launched. The Model S, which should be working as a prototype by year's end, is seen as the company's last hope to stay viable. The electric 4-door sedan can accelerate from 0 to 100 km/h in 5.6 seconds and has a staggering range of 483km per charge cycle. Reports suggest it will retail from USD $57,400 ($57,130).
Once it comes to Australia it will cost a little more thanks for our taxes (although, perhaps the government will offer incentives for uptake of electric cars like in the U.S.). A Model X SUV should see the company progress further by 2014.
As part of Toyota's investment into the company, the Big T is leaving Tesla in charge of developing and supplying an electric Toyota RAV4 model.