This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tesla Motors Reports First Quarter 2011 Results

Tesla Motors, Inc. (Nasdaq: TSLA) today announced its preliminary unaudited financial results for the quarter ended March 31, 2011. Revenues for the first quarter of 2011 were $49.0 million, a 35% increase from the $36.3 million reported in the prior quarter. Gross margin improved to 37%, up from 31% for the prior quarter. Total revenues and gross margin were the highest in the company’s history.

“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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs