“Our financial results continue to demonstrate the solid execution of our entire team,” said Elon Musk, CEO of Tesla Motors. “The continued performance of our Roadster business and growing contributions from our component supply and development programs for the Daimler Smart fortwo, Daimler A-Class and Toyota RAV4 EV produced quarterly revenue more than double of that achieved in the same quarter of last year.”
“In addition, our Model S alpha build proceeded as scheduled during the quarter. In fact, our engineering and manufacturing teams have now completed the construction of all of our Model S alpha vehicles, having finished the final alpha in April. These vehicles are successfully undergoing the planned cold weather brakes testing, ride and handling evaluation, safety validation, electrical integration, and noise, vibration and harshness evaluation,” continued Musk. “As has been our plan, we will continue testing this quarter with a particular focus on durability and systems integration as we prepare for our beta build later this year. Overall, we remain on track for first customer deliveries of the Model S in mid-2012.”
Substantial activity continues at Tesla’s Fremont, California facility, The Tesla Factory. Intensive site preparations are underway at each of the stamping, plastics, and paint shops as the facility is being prepared for the upcoming Model S beta build. Equipment testing in carefully controlled manual modes of operation has begun in both stamping and plastics shops, with robots and other automation equipment scheduled for installation later this year. Installation of the hydraulic press line remains on schedule for manual operation in the second quarter.
Net loss for the quarter was $48.9 million as compared to $51.4 million in the prior quarter on a GAAP basis. On a non-GAAP basis, net loss for the quarter was $41.6 million as compared to a non-GAAP net loss of $44.1 million in the prior quarter. Non-GAAP net loss excludes charges related to stock-based compensation and the change in fair value related to our outstanding warrants. A reconciliation of GAAP results to non-GAAP results is included below.
Business Highlights
Tesla completed the build of the Model S alphas as planned in April. The performance of the electric vehicles during testing has provided good validation of many of the engineering CAD designs and simulations.
Tesla delivered a record number of production battery packs and chargers for both Daimler’s Smart fortwo and A-Class vehicles for the fourth quarter in a row. Daimler increased its total orders for the Smart fortwo electric drive components from 1,800 to 2,100 sets. All of these will be delivered in 2011.
Tesla successfully completed the initial milestones for the development of the powertrain system for the electric car Toyota RAV4 EV and remains on schedule for the completion of the development portion of the program. The powertrain system includes a battery, power electronics components, motor, gearbox and associated proprietary software.
Tesla has now delivered over 1,650 electric cars Roadsters around the world. Roadster owners have driven almost 11 million miles. In addition, Tesla has now received over 4,600 reservations for the Model S.
Tesla announced that the 300-mile version of the Model S would be the first version to be delivered to customers in mid-2012.
In April, Tesla opened its first interactive store in the high-traffic Santana Row retail center in San Jose, California. The store features a new retail experience in which Tesla customers can learn about electric vehicles, explore Tesla’s innovations, and configure their cars through hands-on interactive touchscreens.
Tesla will provide a live webcast of its first quarter 2011 financial results conference call beginning at 2:00 p.m. PDT on May 4, 2011 at ir.teslamotors.com. This webcast will also be available for replay for approximately two weeks thereafter.
Tesla’s goal is to create the most compelling car company of the 21st century, while accelerating the world’s transition to electric vehicles. Based in Palo Alto, California, Tesla designs, manufactures and sells EVs and EV powertrain components. Tesla has delivered more than 1,650 Roadsters to customers world-wide, and through its strategic partners is powering thousands of additional EVs. Tesla Roadster owners have driven almost 11 million cumulative zero emission miles. Next year, Tesla plans to begin deliveries of the Model S, the world’s first luxury sedan to take full advantage of an all electric powertrain.
"Tesla believes that more than 100 years after the invention of the internal combustion engine, incumbent automobile manufacturers are at a crossroads and face significant industry-wide challenges. The reliance on the gasoline-powered internal combustion engine as the principal automobile powertrain technology has raised environmental concerns, created dependence among industrialized and developing nations on oil largely imported from foreign nations and exposed consumers to volatile fuel prices. In addition, we believe the legacy investments made by incumbent automobile manufacturers in manufacturing and technology related to the internal combustion engine have to date inhibited rapid innovation in alternative fuel powertrain technologies. We believe these challenges offer an historic opportunity for companies with innovative electric powertrain technologies and that are unencumbered with legacy investments in the internal combustion engine to lead the next technological era of the automotive industry."
"Tesla Motors uses proprietary technology, world-class design and state-of-the-art manufacturing processes to create a new generation of highway capable electric vehicles. We utilize an innovative distribution model based on Company-owned sales and service centers. This approach allows us to maintain the highest levels of customer experience and benefit from short customer feedback loops to ensure our customer needs are fulfilled. We believe our operational infrastructure provides us with a competitive advantage compared to traditional automobile manufacturers."
Tesla introduced their first electric car vehicle, the Tesla Roadster, in 2008. The Model S, our four-door sedan, has a planned release in 2012.
