Tesla has reported a second-quarter loss of $38.5 million

Tesla has reported a second-quarter loss of $38.5 million (£24.3m), continuing the electric car company’s unprofitability since being founded in 2003.

The California based company has announced that losses will continue until their $57,000 (£36,000) mass produced Model-S is built in 2012.

Read about Tesla’s deal with Toyota

At present Tesla continues to only produce its $109,000 (£68,750) electric roadster and sell lithium-ion battery packs to Daimler for its Smart Minicars.

The company has recently signed a deal with Toyota, which includes plans for a Rav-4 electric sport utility vehicle.

Read Autocar's first drive of the Tesla Roadster

Tesla, which is currently dipping into funds from public as well as private investment for the Model-S, has announced that development costs are within its $400 million (£252m) budget.See all the latest Tesla reviews, news and video

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