Stephen Lam / Reuters
Tesla Motors CEO Elon Musk shows off the Model S at a beta event last year. The company's stock jumped late Wednesday on news that the model will go on sale soon.
Tesla Motors (TSLA) will start delivering its Model S sedan to customers next month, slightly earlier than the electric carmaker had previously projected and a sign of progress for Tesla's most crucial launch yet.
Tesla has described 2012 as a "year of two halves" with the Model S launch as the dividing line. Ninety percent of the company's revenue this year will come from the sedan.
Once Tesla finishes crash tests required by U.S. safety regulators, Tesla can begin delivering the sedan to customers in June, slightly ahead of its previous target of July. Pricing for the car starts at about $50,000 and goes up to about $100,000 after a $7,500 federal tax credit.
Shares of Tesla shot up 8 percent in after-market trading. The stock closed at $30.06 on the Nasdaq.
"Tesla is entering one of the riskiest moments of its company's history, so anything that supports an on-time launch should be viewed with some relief," Morgan Stanley analyst Adam Jonas said in a research note.
Tesla said it has adopted a "slow, methodical" approach to the launch and expects to deliver 5,000 Model S sedans by the end of 2012. Reservations for the sedan have topped 10,000.
"Once we complete and document the tests, we will be able to sell our vehicles in the United States," Chief Executive Elon Musk said in a letter to shareholders.
Tesla also draws revenue from its partnerships with Toyota and Daimler AG. In February, Tesla announced an expanded deal with Daimler to create an electric powertrain for a new Mercedes Benz EV.
Tesla also makes the powertrain system for the electric Toyota RAV4. Toyota, which unveiled the model earlier this week, said it projects to sell 2,600 of the sport-utility vehicle over the next three years in the United States.
Toyota will wait to test the appetite for the all-electric SUV before expanding the partnership, Musk said. But he added: "The odds of scaling up are good."
Tesla also reported a first-quarter net loss of $89.9 million, or 86 cents per share, compared to $48.9 million or 51 cents per share a year earlier.
Revenue was $30.2 million, down from $49 million last year, reflecting the end of Roadster sales in North America.
The earlier-than-expected delivery date for the Model S prompted Tesla to lift its revenue outlook by $10 million to between $560 million and $600 million.
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