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Tesla Model X

8 August 2013

Tesla reported strong sales for the second quarter, posting units of the battery-electric Model S in America, along with a improvement in automotive non-GAAP margin. Tesla had projected of 4,500 units.

Q2 revenues $551 million on a non-GAAP Accepted Accounting Principles) and $405 million on a GAAP While deliveries increased by 5% Q1, overall revenues were due to an expected drop in ZEV credit falling to $51 million in the second from $68 million in the first. On a basis, net income was 26 million or per share, excluding one-time and items, and the effect of lease

Including those, GAAP net for the quarter was $31 million or $(0.26) per

Q2 results, GAAP and non-GAAP Tesla introduced its lease-sale financing product for the Model S one of the company’s specified banking at the beginning of Q2. (Earlier post .) than 30% of vehicles delivered in Q2 advantage of the financing program.

the company receives full for these cars upfront, requires treating the sales as and spreading the recognition of revenue and over the term covered by the value guaranteeapproximately three GAAP reporting thus can have a significant impact on reporting, given the hybrid model. For example, on a GAAP automotive revenue in Q2 dropped 26% to million from $555.203 in Q1, with a Q2 net loss of $31 million to a Q1 net profit of $11 million.

To facilitate closer comparability the first quarter, Tesla it presented non-GAAP financials the effect of lease accounting by back all deferred revenues and costs for Q2 Model S deliveries.

In Q2, the average selling prices also declined slightly as sold 60 kWh range limited at a $10,000 lower price to honor orders for the now discontinued 40 kWh pack. This temporary product mix impacted its automotive gross margin in Q2 by about 1 point, the company said.

continued to supply full powertrains to Toyota for the RAV4 EV and various deliverables under the Benz B-Class EV program contributed to development services of $3.6 million in the second down 45% from $6.6 in the first quarter.

RD expenses were $44 million on a basis and $52 million on a GAAP RD spending declined from Q1 on a basis, as Model S related expenses continued to decline.

cash on hand was $747 at the end of the quarter, an increase of $516 from last quarter. the quarter, Tesla raised a over $1 billion through the of 4.5 million shares of common and $660 million of convertible About $450 million of the proceeds were used to pay off its DOE including an $11-million fee for early

Operations and margin. During Q2, improved its production rate by 25% 400 to almost 500 vehicles per week. the quarter, it produced several more Model S vehicles for use as loaners, for customer test and for deliveries to European customers in Q3.

Tesla Model X

non-GAAP gross margin to 22%, up from 17% last Despite an expected unfavorable mix in Q2, non-GAAP automotive gross excluding zero emission (ZEV) credits improved by 8 points.

Tesla said it expects to further improve automotive gross margin via reduction to a target level of 25% ZEV credits) in Q4 this year. The is cautiously optimistic that it may that number in future

Outlook. Tesla plans to slightly over 5,000 S vehicles in Q3, and remain on plan to 21,000 vehicles worldwide for It expects that Q3 ASPs rebound from the Q2 level as it European Signature Series and demand for 85 kWh cars remains

If demonstrated demand in North and Europe is matched by similar in Asia, annualized global for Model S could exceed units per year by late the company suggested.

Tesla Q3 non-GAAP gross margin to in the low 20% range, with continuing in Model S vehicle margin, by significantly lower ZEV credit

RD expenses will increase in Q3 as it accelerates product development on Model X, Model S right drive, and localization of Model S for markets. SGA expenses will rise, driven by the growth in locations, service centers and facilities.

Tesla said it expects to be profitable and generate positive flow from operations quarter this year any benefit from ZEV credits.

Tesla Model X
Tesla Model X
Tesla Model X


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