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Tesla Motors, Inc. Fourth Quarter & Full Year 2011 Shareholder Letter
Model S deliveries to commence on schedule by July 2012
Model X Premiere A new vehicle category
New Mercedes-Benz EV powertrain program
Solid Q4 results; 2011 revenue of $204 million
2012 revenue anticipated to be $550-600 million
February 15, 2012
Dear Fellow Shareholders,
We are pleased to report another quarter of solid performance throughout all areas of our company. Most importantly, Model S development and testing remain on schedule to commence deliveries by July of this year.
Last week we revealed our Model X crossover, a unique blend of a minivan, SUV and sports car based upon our Model S platform. The response from customers has been simply overwhelming. One day after the reveal, we had received over 500 reservation requests.
We are also pleased to announce the start of a development program with Daimler for a new Mercedes-Benz vehicle with a full Tesla powertrain. This represents an increase in the scope and scale of our deepening relationship with Daimler. More details will follow as we complete the contractual arrangements.
Our financial results for Q4 and full year 2011 reflect the continued demand for the Roadster and success in our Powertrain activities. Total revenues in the fourth quarter were $39 million, up 9% from Q4 of last year, and we concluded 2011 with over $204 million in revenues, up 75% from the year before.
Our losses reflect the planned investments in R&D and corporate infrastructure to support the launch of Model S. Our Q4 non-GAAP net loss was $0.69 per share, and $0.78 per share on a GAAP basis. For 2011, our non-GAAP net loss was $2.21 per share, and $2.53 per share on a GAAP basis. Net losses will continue as planned until we reach volume sales of Model S in 2013.
The following information was filed by Tesla, Inc. (TSLA) on Wednesday, February 15, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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