Summary
Tesla, Inc. filed its annual report for the fiscal year ended December 31, 2010, highlighting its progress in the electric vehicle market. The company's primary product, the Tesla Roadster, had surpassed 1,500 deliveries globally by the end of 2010, demonstrating early market traction. Tesla was also actively developing its next vehicle, the Model S, with over 3,400 customer reservations by year-end and a projected production start in mid-2012. Significant strategic partnerships with Daimler and Toyota were in place for powertrain development and component supply, underscoring Tesla's technological capabilities. The company secured substantial government funding, including a $465 million loan facility from the Department of Energy, to support the development of the Model S and its manufacturing infrastructure. Tesla's business model centered on a company-owned sales and service network, aiming for a premium customer experience. While the Roadster was a niche, high-performance product, the Model S was positioned to appeal to a broader market segment. Tesla's financial performance in 2010 showed increasing revenues, driven by both vehicle sales and development services, though the company continued to incur net losses as it heavily invested in R&D and expansion.
Financial Highlights
45 data points| Revenue | $116.74M |
| Cost of Revenue | $86.01M |
| Gross Profit | $30.73M |
| R&D Expenses | $93.00M |
| SG&A Expenses | $84.57M |
| Operating Expenses | $177.57M |
| Operating Income | -$146.84M |
| Interest Expense | $992K |
| Net Income | -$154.33M |
Key Highlights
- 1Tesla delivered over 1,500 Tesla Roadsters globally by December 31, 2010, indicating initial market penetration.
- 2The company had secured over 3,400 reservations for its upcoming Model S sedan, targeting a mid-2012 production start.
- 3Significant strategic partnerships were established with Daimler and Toyota for electric vehicle powertrain development and supply.
- 4Tesla secured a $465 million loan facility from the U.S. Department of Energy to fund Model S development and manufacturing facility build-out.
- 5The company expanded its direct-to-consumer sales and service network, operating 16 Tesla stores globally by the end of 2010.
- 6Total revenues for 2010 reached $116.7 million, an increase from $111.9 million in 2009, driven by vehicle sales and development services.
- 7Tesla continued to invest heavily in research and development, with R&D expenses increasing to $93.0 million in 2010, primarily for Model S development.