Reuters: Regulatory News: UPDATE 1-Tesla to deliver new sedan earlier than expected

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UPDATE 1-Tesla to deliver new sedan earlier than expected May 9th 2012, 20:54 DETROIT | Wed May 9, 2012 4:54pm EDT DETROIT May 9 (Reuters) - Tesla Motors Inc said on Wednesday that it is close to completing safety tests that will allow the electric carmaker to deliver its Model S sedan slightly ahead of schedule. Once Tesla finishes crash tests required by U.S. safety regulators, Tesla can begin delivering the sedan to customers in June, slightly ahead of its previous target of July. Tesla has described 2012 as a "year of two halves" with the Model S launch as the dividing line. Ninety percent of the company's revenue this year will come from the sedan. "Once we complete and document the tests, we will be able to sell our vehicles in the United States," Chief Executive Elon Musk said in a letter to shareholders. "We plan to continue making customer deliveries on a slow, methodical ramp, and remain confident in our target of 5,000 vehicle deliveries by year end," he added. Also on Wednesday, Tesla reported a first-quarter net loss of $89.9 million, or 86 cents per share, compared to $48.9 million or 51 cents per share a year earlier. Revenue was $30.2 million, down from $49 million last year, reflecting the end of Roadster sales in North America. Tesla expects revenue in the second quarter will be on par with the first quarter. The earlier-than-expected delivery date for the Model S prompted Tesla to lift is revenue outlook by $10 million. It expects full-year revenue between $560 million and $600 million. Earlier, it expected at least $550 million in revenue. Link this Share this Digg this Email Reprints

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