On Wednesday, electric automaker Tesla Motors reported a deep second-quarter loss as spending on research and development for upcoming vehicles, including the Model S and Model X, more than offset the automaker's gains in revenue.

Tesla reported a net loss of $58.9 million compared to a loss of $38.5 million in the second quarter of 2010. Cash flowing in more than doubled though, with Tesla reporting second-quarter revenues of $58.2 million, up from the $28.4 million reported in 2010.

The automaker's strategy for profitability hinges on the success of its upcoming Model S sedan, which is set to launch in mid-2012 and, according to Tesla, should lift the company beyond the niche market it established with the Roadster.

Tesla says it logged 5,600 reservations for the Model S as of the end of July. Those reservations are more than just talk, too: bookings require a hefty $5,000 deposit.

[Source: Tesla]

Share This Photo X