To kick off the first quarter of 2011, electric vehicle maker Tesla reported revenues and gross margins that were substantially higher than previous quarters. But given the company won’t be making a profit until well after its second electric car the Model S comes out, Tesla is still losing money every quarter.
Tesla reported record Q1 2011 revenues of $49.03 million, more than double its Q1 2010 revenues of $20.81 million. Gross margin for the quarter also hit a record 37 percent, up from 31 percent for Q4 2010.
At the same time, Tesla’s Q1 2011 net loss rose to $48.94 million, which was a lot bigger loss than its Q1 2010 loss of $29.52 million. Tesla is in an investment and growth period as it looks to launch its Model S electric sedan in 2012.
Tesla’s stock at one point rose up to $29 in after hour trading, but looks to be dropping back down. Tesla debuted on the Nasdaq in June 2010, at an offering price of $17, and ended its first day of trading up 40.5 percent to $23.89. It’s traded around there, and up to $33 back in November.
Here’s our three videos of Tesla’s Roadster Sport, the Model S Alpha and the new Apple-inspired store: