Just after it emerged that around 1000 examples of the Tesla Model S were sold in China in the second quarter of this year, the Californian based electric automaker has released its official Q2 financial results.
Overall, the company saw a dramatic rise in revenue of 90 per cent compared to the same time of last year. All up, April, May and June for this year saw revenues rise to $769.3 million compared to $405.1 million 12 months ago.
Despite such high revenues, the firm has posted a net loss of $62.9 million. Why? Well it is quite simple. While the Model S is selling well, the marque is in the midst of massive investment projects like creating its lithium-ion battery gigafactory while also launching its Model X SUV and entry-level Model 3 electric sedan.
As a result of these projects, research and development costs for Tesla increased from $52.3 million last year up to $107.7 million in the second quarter of 2014. This is hardly surprising either considering the aforementioned projects.
All up, the Tesla Motors battery gigafactory will cost the firm about $4 billion and its partner, Panasonic, a further $1 billion. When all of these projects come together though, Tesla Motors could quite possibly be producing three of the world’s best electric cars while also producing the vast majority of the world’s lithium ion batteries!