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Tesla Motors (TSLA)

  • Wed, Aug. 5, 4:35 PM
    • Tesla (NASDAQ:TSLA): Q2 EPS of -$0.48 beats by $0.12.
    • Revenue of $1.19B (+38.8% Y/Y) beats by $20M.
    • Shares -7.6%.
    • Press Release
  • Wed, May 6, 5:43 PM
    • Tesla (NASDAQ:TSLA) produced 11,160 vehicles in Q1, down slightly from Q4's 11,627 but beating guidance of 10K. 10,045 vehicles were delivered, close to the 10,030 previously announced and up from Q4's 9,834.
    • The company expects to deliver 10K-11K vehicles in Q2, below estimates of ~12K. But it still forecasts 55K 2015 Model S and X deliveries. Q2 production is expected to total 12.5K. The Model X is on track to see deliveries start in late Q3.
    • Model S average transaction price is expected to drop Q/Q in Q2 thanks to a weak euro (a 100+ bps gross margin impact is expected). Tesla has responded by hiking European prices by ~5%. Operating expenses are expected to rise 10% Q/Q in Q2, and 45%-50% Y/Y in 2015. The 2015 capex budget is still at $1.5B.
    • Financials: Q1 gross margin (non-GAAP) was 28.2%, up from Q4's 26.7% and Q1 2014's 25.2% in spite of a strong dollar, and contributing to the EPS beat. Auto gross margin (exc. ZEV credits) was 26%, and services/other gross margin -3.2%; Tesla expects the latter to be slightly above breakeven in Q2. R&D spend +117% Y/Y to $147.4M; SG&A spend +82% to $147.4M. The company ended Q1 with $1.51B in cash, down $396M Q/Q thanks to $426M in capex.
    • Other details: 1) Order rates are said to have "accelerated even further" in Q2 thanks to greater availability of the Model S 85D and 70D. 2) Volume production for Tesla's home/commercial batteries is expected to start in Fremont, CA in Q3, and expand to the Gigafactory in Q1 2016. 3) To lower costs, Tesla is now shipping cars via rail rather than trucks in more regions, and "producing cars based on a uniform regional production mix."
    • TSLA +1.7% AH to $234.26.
    • Q1 results, shareholder letter (.pdf)
  • Wed, May 6, 4:35 PM
    • Tesla (NASDAQ:TSLA): Q1 EPS of -$0.36 beats by $0.14.
    • Revenue of $939.9M (+51.5% Y/Y) misses by $100.1M.
    • Shares +2.4%.
    • Press Release
  • Wed, Feb. 11, 5:39 PM
    • Tesla Motors (NASDAQ:TSLA) announces it delivered 9,834 vehicles in Q4. 11,627 vehicles were produced, leading the company to hit a 2014 production target of 35K Model S units.
    • Q4 results were hurt by delayed Model S P85D deliveries caused by "a combination of customers being on vacation, severe winter weather and shipping problems." The company also blames "one-time manufacturing inefficiencies related to the introduction of P85D and Autopilot functionality, and the impact of the strong dollar."
    • Tesla expects to ship 55K Model S and X units in 2015, yielding more than a 70% Y/Y increase in deliveries. 40% of the deliveries are expected in the first half of the year.
    • Q4 non-GAAP gross margin was 26.7% vs. 23.0% in Q3 and 25.2% a year ago. Automotive gross margin was 22%. Operating expenses rose 15% from Q3 to $297M.
    • Q1 production is only expected to be at 10K vehicles, and deliveries at 9.5K (+47% Y/Y). Automotive gross margin is expected to be at 26%, and operating expenses are expected to rise 12%-15% from Q4.
    • Tesla took in $42M from powertrain sales during Q4 and $86M in regulatory credits. The company entered 2015 with over 10K Model S orders and nearly 20K Model X reservations.
    • A conference call is scheduled for 7:30 PM ET (webcast).
    • Tesla shareholder letter (.pdf)
    • TSLA -2.4% after hours.
    • Previously: Tesla misses by $0.44, misses on revenue
  • Wed, Feb. 11, 5:21 PM
    • Tesla (NASDAQ:TSLA): Q4 EPS of -$0.13 misses by $0.44.
    • Revenue of $956.66M (+55.5% Y/Y) misses by $273.34M.
    • Shares -3.5% AH.
    • Press Release
  • Tue, Feb. 10, 5:35 PM
  • Nov. 5, 2014, 4:36 PM
  • Nov. 5, 2014, 4:30 PM
    • Tesla Motors (NASDAQ:TSLA) says it delivered 7,785 Model S units in Q3 vs. company guidance of 7.8K and expectations from analysts in the 8K-8.2K range.
    • As tipped in an Elon Musk tweet last week, deliveries in North America were up 65% Y/Y during the month of September.
    • Non-GAAP gross margin was 23.0% vs. 26.8% in Q2 and 22% a year ago. Higher R&D expenses on the dual motor drive were a factor.
    • Tesla took in $31M from powertrain sales during the quarter and $93M in regulatory credits.
    • Guidance: Tesla expects to produce 35K for the full year and deliver 33K. Previous projections for 2015 are held firm. The automaker expects its non-GAAP gross margin rate to exceed 28% in Q4. Model X deliveries are slated to begin in Q3 of 2015, a few months back from initial projections.
    • A conference call is scheduled for 5:30 PM ET (webcast).
    • Tesla shareholder letter (.pdf)
    • TSLA +4.8% AH to $242.00.
  • Jul. 31, 2014, 4:19 PM
    • Tesla Motors (NASDAQ:TSLA) beats estimates in Q2 and delivers some re-assuring production guidance.
    • The EV automaker had 7,579 delivers in Q2 vs. 7,546 consensus.
    • Revenue for the quarter included $23M from Daimler and Toyota for powertrain purchases.
    • The gross margin rate of 26.8% in Q2 is in-line with the forecast of analysts and leaves Tesla with a little bit of catching up to do in 2H to meet its 28% target for the year.
    • Production guidance for Q3 is for 7,800 Model S deliveries. The mark is below expectations with the company citing a two-week production shutdown at its Fremont factory as the reason for the anticipated shortfall.
    • Tesla says it expects a delivery rate of over 100K unit by the end of next year if there are no serious macroeconomic calamities.
    • Ground has broken in Nevada on a "potential" Gigafactory site.
    • Tesla Motor letter to shareholders (.pdf)
    • TSLA +2.1% AH to $228.01.
  • Jul. 31, 2014, 4:08 PM
    • Tesla Motors (NASDAQ:TSLA): Q2 EPS of $0.11 beats by $0.07.
    • Non-GAAP Revenue of $858M (+54.3% Y/Y) beats by $47.43M.
    • Shares -4.2%.
    • Press Release
  • May 7, 2014, 4:22 PM
    • Tesla (TSLA) produced 7,535 Model S units in Q1, up from Q4's 6,587 and above guidance of 7,400. The company delivered 6,457 units, slightly above guidance of 6,400 but below Q4's 6,892.
    • Tesla expects to produce 8.5K-9K Model S units in Q2, and to deliver 7,500. Leases are only expected to account for ~200 deliveries due to lead times.
    • Gross margin was 25.4%, +20 bps Q/Q in spite of a $2M reserve for underbody shield retrofits. GM is expected to improve slightly Q/Q in Q2, and to reach 28% in Q4.
    • SG&A spend rose 150% Y/Y to $117.6M, R&D spend rose 17% Q/Q and 48% Y/Y to $81.5M. SG&A is expected to grow 15% Q/Q, and R&D 30%.
    • Operating cash flow was $61M, and capex totaled $141M. The full-year capex forecast is still at $650M-$850M.
    • The company expects to be "marginally profitable" in Q2; the EPS consensus is at $0.27. Full-year free cash flow is expected to be slightly negative.
    • Shares -4.9% AH
    • Q1 results, shareholder letter (.pdf)
  • May 7, 2014, 4:08 PM
    • Tesla Motors (TSLA): Q1 EPS of $0.12 beats by $0.06.
    • Revenue of $713M (+26.9% Y/Y) beats by $12.78M.
    • Shares -5.2%.
    • Press Release
  • Feb. 19, 2014, 4:09 PM
    • Tesla Motors (TSLA): Q4 EPS of $0.33 beats by $0.12.
    • Non-GAAP Revenue of $761.34M beats by $104.19M.
    • Shares +10.2%.
    • Press Release
  • Feb. 19, 2014, 12:10 AM
  • Feb. 18, 2014, 5:35 PM
  • Nov. 5, 2013, 4:36 PM
    • Tesla Motors (TSLA) says excluding the much-dissected ZEV revenue it grew non-GAAP revenue by 18% Q/Q during Q3.
    • Development work on the Model X has accelerated which accounted for some of the R&D spend.
    • The company thinks further gross margin improvements beyond the targeted 25% mark are "likely" and sees Q4 capex spending of $75M-$85M.
    • Letter to shareholders (.pdf)
    • TSLA -10.1% AH as the automaker didn't quite dazzle with its production numbers for Q3 and target for Q4 while staying mum on 2014 until the conference call.
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Company Description
Tesla Motors Inc designs, develops, manufactures and sells high-performance fully electric vehicles and electric vehicle powertrain components.