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Tesla Motors, Inc. (TSLA) Message Board

  • bluecheese4u bluecheese4u May 9, 2012 11:58 PM Flag

    Tesla Motors, Inc. – First Quarter 2012 Shareholder Letter

    Tesla Motors, Inc. – First Quarter 2012 Shareholder Letter

    Model S deliveries to start ahead of schedule in June
    Model S reservations top 10,000
    Daimler Mercedes powertrain agreement signed
    Toyota RAV4 powertrain shipments begin ahead of schedule
    Solid Roadster demand & gross margin

    May 9, 2012
    Dear Fellow Shareholders,
    We are pleased to report that we have nearly completed all regulatory approvals and certifications required to
    begin delivery of Model S to our customers in the United States. Thus, we anticipate that initial deliveries will
    begin in June, ahead of our announced schedule of July.
    On the Powertrain side of our business, we completed the Toyota RAV4 EV development program in Q1 and
    started deliveries of production components, also ahead of schedule. The RAV4 EV marries the efficiency of an
    EV with the versatility of an SUV – in fact it is the only electric SUV on the market. With the largest battery pack of
    any non-premium EV, it is expected to have a city range of almost 170 miles, more than 60% above the Nissan
    Leaf. The electric RAV4 is a high performance version of the RAV4 with outstanding acceleration and excellent
    handling due to the low center of gravity afforded by the floor mounted battery pack.
    We recently signed an agreement with Daimler to create an entire electric powertrain for a new Mercedes-Benz
    EV, thus formalizing the joint effort kicked off in Q4 last year. This program is expected to exceed in value the sum
    of all powertrain agreements signed in Tesla history. Producing at this expected volume will allow for economies
    of scale that give the resulting vehicle a cost of ownership that is on par with its gasoline equivalent.
    Model S Deliveries to Begin in June
    All aspects of the Model S program remain on track to commence deliveries in June. The Tesla Factory is
    producing vehicles at a steadily increasing rate, and so far this year we have built about 50 Beta and about 30
    Release Candidate prototypes. All these vehicles are dedicated to a comprehensive testing program, including
    crash and safety testing, systems integration, reliability testing, and quality audits.
    Model S has now been fully certified by the
    U.S. Environmental Protection Agency (EPA)
    and the State of California. We have also
    successfully completed almost all of the crash
    testing required under the National Traffic
    and Motor Vehicle Safety Act using our
    Release Candidate prototypes. Once we
    complete and document the tests, we will be
    able to sell our vehicles in the United States.
    This leaves us confident we can begin Model
    S customer deliveries in June, ahead of our
    announced schedule of July.
    We expect the safety rating of Model S will be
    independently determined by the National
    Highway Traffic Safety Administration (NHTSA) and other groups. Under NHTSA’s New Car Assessment Program

    IMAGE Robotic Installation of Panoramic Roof

198.12-0.99(-0.50%)Apr 17 4:00 PMEDT

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