Tesla Motors Reports First Quarter 2011 Results

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 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 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 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.

About Tesla Motors

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.

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