Tesla Motors Inc. (NASDAQ: TSLA) reported third-quarter 2012 earnings this morning. For the quarter, the electric car maker posted a net loss of $0.92 per share on revenues of $50 million. In the same period a year ago, the company reported a net loss of $0.55 per share on revenues of $57.7 million. These results compare to the Thomson Reuters consensus estimates for a net loss of $0.90 per share and $48.3 million in revenues.
On a GAAP basis, the carmaker lost $1.05 per share, compared with a year-ago quarterly loss of $0.63. The larger net loss year-over-year is due primarily to ramping costs for sales. Revenues, however, doubled sequentially.
In a letter to shareholders, the company’s CEO and CFO said:
The third quarter was a fundamental turning point for Tesla as we successfully transitioned to a mass production car company, growing from manufacturing 5 cars per week…
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