Blog Post

Tesla hints at larger potential deal with Toyota

Electric car maker Tesla Motors (s TSLA) reported it’s second quarter results today, and in a call with the media and investors, Tesla CEO Elon Musk hinted at a much larger supply deal under discussion with auto maker Toyota. While Tesla announced a $100 million deal with Toyota last month to produce an electric RAV4, Musk said in the call that there is a potential deal under discussion with Toyota that could be “an order of a magnitude larger” than the $100 million deal.

Musk also called Tesla’s most recent “the best quarter in Tesla’s history.” Tesla recorded solid growth in revenues, generating $58.17 million, up from $28.41 million in the second quarter of 2010.

However, Tesla is still losing money, given it’s in an R&D and scale up phase, and recorded a loss of $58.91 million for the quarter,2011, which was a higher loss than its loss of $38.52 million for the second quarter in 2010.

Other highlights from Tesla’s financials:

  • Model S: The Model S still on time for mid-2012.
  • Roadster Revenue: Tesla recorded $27 million in Roadster-related revenue in the quarter, up 44 percent from the same quarter last year.
  • Model X: Tesla says its designers are working on the Model X prototype, which it will unveil later this year, and bring to first customer in late 2013, at volumes of 10,000 – 15,000 units per year starting in 2014.
  • Toyota RAV4 Deal: Under this contract, we plan to deliver the entire powertrain system to Toyota to install into the RAV4 EV.