DETROIT - Electric car maker Tesla Motors (TSLA) lost $49.8 million in the first quarter as it accelerated the development of its new crossover.
Tesla’s loss of 40 cents per share compared with a profit of 10 cents per share in the January-March period last year. Last year’s first-quarter profit was the decade-old company’s first ever profitable quarter.
Revenue grew 10 percent to $620.5 million in the latest quarter. Tesla said it produced a record 7,535 Model S sedans during the period and delivered 6,457 to customers.