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Tesla reports quarterly loss, research spending up

Wed, 08/03/2011 - 2:24pm
Reuters

DETROIT (Reuters) - Electric car maker Tesla Motors Inc reported a deeper second-quarter loss on Wednesday as higher spending on research and hiring engineers to develop upcoming vehicles more than offset revenue gains.

Tesla reported a net loss of $58.9 million or 60 cents per share, compared with the loss of $38.5 million, or $5.04 per share, a year earlier when there were fewer shares outstanding.

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