Tesla Motors Reports $74 Million Net Loss in 2013

Tesla moved a total of 6,892 Model S vehicles in the fourth quarter of 2013, but it wasn’t enough to keep the company out of the red, registering a GAAP net loss of $16 million and a full-year loss of $74 million.

When Tesla reports numbers, it does so with and without generally accepted accounting principles (GAAP). The net loss is registered with GAAP in effect, while Tesla claims a $46 million net income when you use the non-GAAP numbers. Basically, the non-GAAP number accounts for all Teslas purchased using the company’s unique lease program, which totals 1,667 cars.

Tesla also accrued revenue by selling regulatory credits, which totals $15 million in the fourth quarter of 2013.

Now that Tesla has reported its Q4 numbers, it is known that the company earned a revenue of about $2 billion in 2013, with a full-year GAAP net loss of $74 million. That stands as a strong improvement over the $396 million net loss the company posted for 2012.

Tesla says it expects to deliver 35,000 Model S vehicles in 2014, which would be a 55 percent increase over 2013. The company warns that operating expenses will grow in 2014 as it works to streamline production and prepares to sell the Model X crossover. Tesla expects to be delivering Model X SUVs to customers by spring 2015.

Also, the company is developing what it calls the Gigafactory, said to be a battery production plant that will reduce the time and cost it takes to assemble a battery.