Tesla Motors Reports Fourth Quarter and Full Year 2010 Results

Tesla Motors, Inc. today announced its preliminary unaudited financial results for the quarter and year ended December 31, 2010. Revenues for the fourth quarter of 2010 were $36.3 million, a 16% increase from the $31.2 million reported in the prior quarter. Gross margin improved to 31%, up from 30% for the prior quarter. On a full year basis, 2010 revenues were $116.7 million as compared with revenues of $111.9 million reported in the prior year. Gross margin improved to 26% for the full year 2010, up from 9% for 2009. automobile news

"Our powertrain team delivered solid results, with an increase in orders and record deliveries of battery packs and chargers for the Daimler Smart fortwo electric drive, the completion of our development program for the Daimler A-Class, and the commencement of the phase 1 development program for the Toyota RAV4 EV." car news

"We are very pleased to report continued revenue growth, improving margins and a steady progression in our Roadster and powertrain activities," said Elon Musk, CEO of Tesla Motors. "Our powertrain team delivered solid results, with an increase in orders and record deliveries of battery packs and chargers for the Daimler Smart for two electric drive, the completion of our development program for the Daimler A-Class, and the commencement of the phase 1 development program for the Toyota RAV4." tesla motor news