Tesla said Wednesday that its alpha builds are complete for the Model S electric sedan.
The Model S is electric vehicle that could make Tesla a major automaker argue some analysts.
In its first quarter earnings release, Tesla outlined the following milestones:
- CEO Elon Musk said the alpha builds of the Model S are undergoing testing for braking, handling, safety and other items. The beta build will come later this year with deliveries in mid-2012.
- Tesla's component business revenue doubled from a year ago. Tesla is beginning to offer supply and component programs for Daimler Smart, Daimler A-Class and Toyota's RAV 4 EV.
- The company's Fremont, Calif. plant is being prepped for Model S manufacturing with stamping, plastics and paint shops construction underway.
However, Tesla is losing money. The company lost $48.9 million in the first quarter on revenue of $49 million. Tesla had $100.6 million in cash and equivalents as of March 31.
Related: Tesla’s Model S electric sedan on track; Crossover planned
This post was originally published on Smartplanet.com