PALO ALTO, California — The Tesla Model S, the highly touted first "mass-produced" vehicle of Tesla Motors, does not have "a final design, a manufacturing facility or a manufacturing process," according to the company's filing on Friday with the Securities and Exchange Commission for an initial public offering of shares to raise as much as $100 million.
In addition, the electric car start-up says it does not plan to sell the current-generation Tesla Roadster after 2011 due to "planned tooling changes at a supplier for the Tesla Roadster." Tesla Motors said it does not "currently plan to begin selling our next generation Tesla Roadster until at least one year after the launch of the Model S, which is not expected to be in production until 2012."
While Tesla Motors does not name the supplier for the Tesla Roadster, it is widely understood that it is talking about Lotus' Hethel, U.K. facility where the Roadster chassis is assembled. The Roadster shares some components with the Lotus Elise.
The SEC filing provides a wealth of future product information on the Tesla Roadster and Model S. Tesla underscored that "final designs for the Model S" have not yet been determined. "We face significant barriers as we attempt to produce our first mass-produced vehicle, our Model S," the filing said. "We currently have a drivable early prototype of the Model S, but do not have a full production intent prototype." The Model S is projected to cost less than $50,000 after a federal tax credit.
The filing also gives a glimpse at who is buying the Tesla Roadster. "To date, many of our Tesla Roadster sales have been made to persons who had pre-existing relationships with our management team or who are affluent individuals with a strong interest in owning a novel product," the filing said. "It may be difficult to attract high numbers of new Tesla Roadster customers who do not have pre-existing relationships with us or who are attracted to buy the Tesla Roadster after its initial novelty phase."
The filing reported that as of December 31, 2009, the company had sold 937 Tesla Roadsters. It also said as of that date, the company had unfilled reservations for approximately 220 Tesla Roadsters and approximately 2,000 Model S sedans. The filing says the Model S sedan has a projected annual output of as much as 20,000 a year.
Tesla Motors has not posted a profit in six years.
Inside Line says: The SEC filing lifts the veil on Tesla's future products and their prospects. — Anita Lienert, Correspondent
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delraylocal says:
12:22 PM, 02/01/2010
Wow! I had no idea they were in such poor shape.
I thought they were on the brink of "blowing up" with the new S model coming out.
I guess they have some major work and $$$$$ to secure before they officially make it.
charlesb says:
11:43 AM, 02/01/2010
Let me get this straight: Tesla has sold less than 1000 cars in six years and does NOT have a design, manufacting facility or manufacturing process and they need investers to pony up $100,000,000 to get in on the "ground floor" of this pie-in-the-sky enterprise.
Okie dokie, I guess this is where we find out if all those wealthy tree-hugging greenies will really put their money where there mouths are. Methinks, this lousy economy is about to digest a little, very green amuse bouche.