Luxury electric car maker Tesla posted a fourth quarter loss. Its operating expenses soared during the quarter. Optimistic outlook for 2015. Shartia Brantley reports.
Tesla released fourth quarter earnings late Wednesday that put the brakes on the luxury electric car maker. Costs from expanding its global sales network and developing the Model X crossover nearly doubled its operating expenses from a year ago. While sales in North America, its largest market, were flat. Tesla posted a loss of 13-cents a share, while analysts expected a profit of 31-cents a share. Shares are down in early trading. Although production and delivery problems exist in China, Musk remains optimistic. In a letter to shareholders, he said "despite initial challenges in China, we remain convinced of the vast potential of this market." Musk also said the company remains on target to begin delivering the new Model X in the third quarter of this year. The launch was originally planned in late 2013 and has been delayed at least three times. Tesla plans to deliver 55-thousand cars in 2015, this is a seventy-four percent increase over 2014.