NEW YORK—Electric car maker Tesla Motors Inc. reported a first-quarter loss this week, but there was no shortage of optimism, as the automaker announced that the much-anticipated Model S sedan will arrive early.
The company described 2012 as a “year of two halves” in a conference call with Wall Street analysts on Wednesday. The Palo Alto, Calif.-based automaker is gearing up to begin selling its Model S all-electric sedan in June, a month earlier than originally planned.
Tesla expects 90 percent of the revenues to come from Model S after its release. The sales of the company’s only current model, the Roadster, have sagged in the recent quarter.
The automaker has completed nearly all of its regulatory requirements on Model S, and the reservation list for the sedan has topped 10,000 cars.
“We have all of the factory machinery in place, and we have the vast majority of the tooling in place,” said CEO Elon Musk on Wednesday in reference to Tesla’s factory preparations.
The company plans to deliver 5,000 Model S vehicles by the end of 2012.
“Tesla is entering one of the riskiest moments of its company’s history, so anything that supports an on-time launch should be viewed with some relief,” wrote Morgan Stanley research analyst Adam Jonas in note.
The automaker estimates full-year revenues in the range of $560 million to $600 million in 2012. It raised its low-end estimates by $10 million—from an initial estimate of $550 million—after announcing the new timetable for Model S’s release.
