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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

November 9, 2010

 

 

Tesla Motors, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

 

Delaware

 

001-34756

 

91-2197729

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

3500 Deer Creek Road

Palo Alto, California 94304

(Address of principal executive offices, including zip code)

(650) 681-5000

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 
 

Item 2.02

Results of Operations and Financial Condition.

On November 9, 2010, Tesla Motors, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2010. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits.

 

 

 

 

Exhibit

No.

  

Description

 

 

99.1

  

Press release issued by Tesla Motors, Inc. dated November 9, 2010

 

2
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

TESLA MOTORS, INC.

 

 

By:

 

/S/    DEEPAK AHUJA        

 

 

Deepak Ahuja

Chief Financial Officer

Date: November 9, 2010

 

3
 

EXHIBIT INDEX

 

 

 

 

Exhibit

No.

  

Description

 

 

99.1

  

Press release issued by Tesla Motors, Inc. dated November 9, 2010

 

4




Exhibit 99.1

Tesla Motors Reports Third Quarter Results

Strong Sequential Revenue Growth

Gross Margin Continues to Improve

Highest Roadster Orders in Two Years

Model S Development on Track for 2012 Launch

PALO ALTO, Calif., November 9, 2010 – Tesla Motors, Inc. (Nasdaq: TSLA) today announced its preliminary unaudited financial results for the quarter ended September 30, 2010. Revenues for the third quarter of 2010 were $31.2 million, a 10% increase from the $28.4 million reported in the prior quarter. Gross margin improved to 30%, up from 22% for the prior quarter. Net loss for the quarter was $34.9 million as compared to $38.5 million in the prior quarter.

“We are very pleased to report steady top-line growth and significant growth in gross margin, driven by the continued improvement in Roadster orders and our growing powertrain business,” said Elon Musk, CEO of Tesla Motors. “Roadster orders in this quarter hit a new high since the third quarter of 2008, having increased over 15% from last quarter. While some of this is due to seasonal effects associated with selling a convertible during the summer months, we are pleased with the global expansion of the Roadster business and the continued validation of Tesla’s technology leadership position evidenced by our new and expanding strategic relationships.”

The Roadster continued to demonstrate that all-electric driving can be both exhilarating and environmentally responsible. During the quarter, Tesla introduced the Roadster in five additional countries and opened a new store in Paris. Store openings are planned in Tokyo and Milan during the fourth quarter. Over 1,300 Roadsters are now driving in 31 countries and have logged over seven million miles as of October 31, 2010. The Roadster completed the Odyssey of Pioneers World Tour, in partnership with Tag Heuer, which showcased its ability to travel and charge around the globe with ease. Overall, the Roadster visited 16 cities on three continents and traveled over 22,000 miles.

The launch of the Model S in mid-2012 remains on track and Tesla achieved several key milestones in the quarter. In October, Tesla took title to its manufacturing facility in Fremont, California and also made selective purchases of existing manufacturing equipment in the stamping, plastics and body shops, all of which was acquired at significant discounts compared to new equipment.

“We are rapidly preparing our Fremont facility for the production of the Model S. At the same time, we have initiated our alpha build process as planned, with the goal of completing the first alpha prototype by the end of the year,” Musk said. “We have also been road testing our Model S prototype powertrain for several weeks now, with positive results.”

“We continued to garner high profile endorsements of our industry leading technology and electric powertrain systems,” Musk continued. “In October, we signed an agreement with Toyota for the development of a complete powertrain for the electric Toyota RAV4 vehicle – including the battery pack, charger, motor, gearbox and associated software. We have also recently completed all of the milestones for the Daimler A-Class battery development, and are now in the production phase. Most recently, we strengthened our six year relationship with Panasonic, announcing that the world’s leader in small format lithium ion cells, has invested $30 million in Tesla.”

Business Highlights

 

 



 

Tesla completed the purchase of its automotive manufacturing facility in Fremont, California, formerly owned by New United Motors Manufacturing, Inc. (NUMMI) for $42 million. NUMMI produced over 400,000 vehicles per year at this facility. The facility will become the future home of Model S production and our next generation of high volume, mass-market electric vehicles.


 


 



 

The Model S alpha build is underway with the stamping, casting and extrusion of the body panels and the assembly of the body-in-white. The first Model S alpha is targeted for completion by the end of the year.

 

 



 

The Model S prototype powertrain has begun road testing to complement its ongoing laboratory testing.

 

 



 

In October, Tesla completed the development of the battery and charger for the Daimler A-class electric vehicle and is now delivering production parts. For the second consecutive quarter, Tesla delivered a record number of battery packs and chargers for the Daimler Smart fortwo electric vehicle.

 

 



 

In October, Tesla formalized an agreement for the development of a validated powertrain system, including a battery, power electronics module, motor, gearbox and associated software, which will be integrated into an electric vehicle version of the Toyota RAV4. Based on preliminary specifications, Toyota will pay Tesla approximately $60 million for the development services as deliverables are completed. Tesla is currently delivering early Toyota RAV4 EV prototypes.

 

 



 

On November 2, Panasonic purchased 1,418,573 shares of common stock for $30 million at a price of $21.15 per share. Tesla has worked with Panasonic/Sanyo for approximately six years, and currently uses Panasonic cells in the Daimler Smart fortwo and Daimler A-class vehicles. Tesla also intends to use custom 18650 cells that it designed in partnership with Panasonic in the Model S on a non-exclusive basis.

 

 



 

Tesla opened up a new store in Paris and now operates an international network of 14 stores. Stores in Tokyo and Milan are scheduled to open during the fourth quarter.

 

 



 

Road & Track Magazine recognized the Tesla Roadster as having one of the highest resale values in its class.

 

 



 

The list of countries with electric vehicle incentives continues to grow. Japan announced a tax refund of $38,000 for the purchase of a Roadster. In the United States, the Roadster now qualifies for a tax credit of almost $25,000 in the State of Louisiana.

Tesla also reports its financial results on a non-GAAP basis. On a non-GAAP basis, net loss for the quarter was $34.2 million as compared to a non-GAAP net loss of $26.1 million in the prior quarter, reflecting significantly increased spending on research and development of Model S partially offset by improved gross margin. Non-GAAP net loss excludes charges related to stock-based compensation and the change in fair value related to our warrants. A reconciliation of GAAP results to non-GAAP results is included below.

Tesla will provide a live webcast of its third quarter 2010 financial results conference call beginning at 2:00 p.m. PST on November 9, 2010 at www.ir.teslamotors.com. This webcast will also be available for replay for approximately two weeks thereafter.
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