Tesla says new electric powertrain deal with Daimler will exceed in value sum of all its prior powertrain agreements
10 May 2012
In its letter to shareholders reporting Q1 2012 results, Tesla Motors Chairman, Product Architect and CEO Elon Musk and Deepak Ahuja, Chief Financial Officer, said that the company had recently signed an agreement with Daimler to create an entire electric powertrain for a new Mercedes-Benz EV, formalizing a joint effort kicked off in Q4 last year. (Earlier post.)
This program is expected to exceed in value the sum of all powertrain agreements signed in Tesla history. [Approximately $280 million, according to Tesla.] 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.—Letter to Shareholders
This will be Tesla’s third deal with Daimler, following component supplies for smart cars and A-Class hatches.
Other highlights of the quarterly report included:
Losses widened to $89.9 million as sales of the Roadster wind down and prior to the release of the Model S.
The first Model S customer cars will be available in June, ahead of the announced July target; Tesla is maintaining its target of 5,000 vehicle deliveries by year end.
Tesla raised the bottom-end of its prior 2012 revenue guidance by $10 million, to $560-600 million, up from $550-600 million.
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