Strong Sequential Revenue Growth
Gross Margin Continues to Improve
Highest Roadster Orders in Two Years
Model S Development on Track for 2012 Launch
Company Website:
http://www.teslamotors.com
PALO ALTO, Calif. -- (Business Wire)
Tesla Motors, Inc. (Nasdaq: TSLA) today announced its preliminary
unaudited financial results for the quarter ended September 30, 2010.
Revenues for the third quarter of 2010 were $31.2 million, a 10%
increase from the $28.4 million reported in the prior quarter. Gross
margin improved to 30%, up from 22% for the prior quarter. Net loss for
the quarter was $34.9 million as compared to $38.5 million in the prior
quarter.
“We are very pleased to report steady top-line growth and significant
growth in gross margin, driven by the continued improvement in Roadster
orders and our growing powertrain business,” said Elon Musk, CEO of
Tesla Motors. “Roadster orders in this quarter hit a new high since the
third quarter of 2008, having increased over 15% from last quarter.
While some of this is due to seasonal effects associated with selling a
convertible during the summer months, we are pleased with the global
expansion of the Roadster business and the continued validation of
Tesla’s technology leadership positionevidenced by our new and
expanding strategic relationships.”
The Roadster continued to demonstrate that all-electric driving can be
both exhilarating and environmentally responsible. During the quarter,
Tesla introduced the Roadster in five additional countries and opened a
new store in Paris. Store openings are planned in Tokyo and Milan during
the fourth quarter. Over 1,300 Roadsters are now driving in 31 countries
and have logged over seven million miles as of October 31, 2010. The
Roadster completed the Odyssey of Pioneers World Tour, in partnership
with Tag Heuer, which showcased its ability to travel and charge around
the globe with ease. Overall, the Roadster visited 16 cities on three
continents and traveled over 22,000 miles.
The launch of the Model S in mid-2012 remains on track and Tesla
achieved several key milestones in the quarter. In October, Tesla took
title to its manufacturing facility in Fremont, California and also made
selective purchases of existing manufacturing equipment in the stamping,
plastics and body shops, all of which was acquired at significant
discounts compared to new equipment.
“We are rapidly preparing our Fremont facility for the production of the
Model S. At the same time, we have initiated our alpha build process as
planned, with the goal of completing the first alpha prototype by the
end of the year,” Musk said. “We have also been road testing our Model S
prototype powertrain for several weeks now, with positive results.”
“We continued to garner high profile endorsements of our industry
leading technology and electric powertrain systems,” Musk continued. “In
October, we signed an agreement with Toyota for the development of a
complete powertrain for the electric Toyota RAV4 vehicle – including the
battery pack, charger, motor, gearbox and associated software. We have
also recently completed all of the milestones for the Daimler A-Class
battery development, and are now in the production phase. Most recently,
we strengthened our six year relationship with Panasonic, announcing
that the world’s leader in small format lithium ion cells, has invested
$30 million in Tesla.”
Business Highlights
-
Tesla completed the purchase of its automotive manufacturing facility
in Fremont, California, formerly owned by New United Motors
Manufacturing, Inc. (NUMMI) for $42 million. NUMMI produced over
400,000 vehicles per year at this facility. The facility will become
the future home of Model S production and our next generation of high
volume, mass-market electric vehicles.
-
The Model S alpha build is underway with the stamping, casting and
extrusion of the body panels and the assembly of the body-in-white.
The first Model S alpha is targeted for completion by the end of the
year.
-
The Model S prototype powertrain has begun road testing to complement
its ongoing laboratory testing.
-
In October, Tesla completed the development of the battery and charger
for the Daimler A-class electric vehicle and is now delivering
production parts. For the second consecutive quarter, Tesla delivered
a record number of battery packs and chargers for the Daimler Smart
fortwo electric vehicle.
-
In October, Tesla formalized an agreement for the development of a
validated powertrain system, including a battery, power electronics
module, motor, gearbox and associated software, which will be
integrated into an electric vehicle version of the Toyota RAV4. Based
on preliminary specifications, Toyota will pay Tesla approximately $60
million for the development services as deliverables are completed.
Tesla is currently delivering early Toyota RAV4 EV prototypes.
-
On November 2, Panasonic purchased 1,418,573 shares of common stock
for $30 million at a price of $21.15 per share. Tesla has worked with
Panasonic/Sanyo for approximately six years, and currently uses
Panasonic cells in the Daimler Smart fortwo and Daimler A-class
vehicles. Tesla also intends to use custom 18650 cells that it
designed in partnership with Panasonic in the Model S on a
non-exclusive basis.
-
Tesla opened up a new store in Paris and now operates an international
network of 14 stores. Stores in Tokyo and Milan are scheduled to open
during the fourth quarter.
-
Road & Track Magazine recognized the Tesla Roadster as having one of
the highest resale values in its class.
-
The list of countries with electric vehicle incentives continues to
grow. Japan announced a tax refund of $38,000 for the purchase of a
Roadster. In the United States, the Roadster now qualifies for a tax
credit of almost $25,000 in the State of Louisiana.
Tesla also reports its financial results on a non-GAAP basis. On a
non-GAAP basis, net loss for the quarter was $34.2 million as compared
to a non-GAAP net loss of $26.1 million in the prior quarter, reflecting
significantly increased spending on research and development of Model S
partially offset by improved gross margin. Non-GAAP net loss excludes
charges related to stock-based compensation and the change in fair value
related to our warrants. A reconciliation of GAAP results to non-GAAP
results is included below.
Tesla will provide a live webcast of its third quarter 2010 financial
results conference call beginning at 2:00 p.m. PST on November 9, 2010
at www.ir.teslamotors.com.
This webcast will also be available for replay for approximately two
weeks thereafter.
About Tesla Motors
Tesla’s goal is to produce increasingly affordable electric cars to
mainstream buyers – relentlessly driving down the cost of EVs. Palo
Alto, California-based Tesla has delivered more than 1,300 Roadsters to
customers in North America, Europe and Asia. Tesla designs, develops,
manufactures and sells EVs and EV powertrain components. The Tesla
Roadster accelerates faster than most sports cars yet produces no
emissions.
Forward-Looking Statements
Certain statements in this press release, including statements relating
to the progress Tesla is making with respect to the development and
launch of the Model S including related milestones and alpha build, the
ability of Tesla to source parts and to produce vehicles at its future
manufacturing facility in Fremont, California, the financial and other
potential benefits from Tesla’s strategic relationships, the anticipated
completion of deliverables due under the Toyota development agreement,
and planned store openings are “forward-looking statements” that are
subject to risks and uncertainties. These forward-looking statements are
based on management’s current expectations, and as a result of certain
risks and uncertainties actual results may differ materially from those
projected. The following important factors, without limitation, could
cause actual results to differ materially from those in the
forward-looking statements: consumers’ willingness to adopt electric
vehicles and Tesla’s electric cars in particular; Tesla’s ability to
fully draw down on its facility from the U.S. Department of Energy;
risks associated with sales of the Tesla Roadster; Tesla’s ability to
execute on its plans to develop, manufacture, market and sell the
planned Model S electric vehicle; Tesla’s ability to reduce and
adequately control the costs associated with operating its business;
competition in the automotive market generally and the alternative fuel
vehicle market in particular; Tesla’s ability to establish, maintain and
strengthen the Tesla brand; the unavailability, reduction or elimination
of governmental and economic incentives for electric vehicles; Tesla’s
ability to establish, maintain and strengthen its relationships with
strategic partners such as Daimler, Toyota and Panasonic; Tesla’s
ability to fully complete the Toyota development agreement; and Tesla’s
ability to execute on its plans for new store openings. More information
on potential factors that could affect the Company’s financial results
is included from time to time in Tesla’s Securities and Exchange
Commission filings and reports, including the risks identified under the
section captioned “Risk Factors” in its final prospectus relating to its
initial public offering filed pursuant to Rule 424(b) under the
Securities Act of 1933, as amended, on June 29, 2010 and our Form 10-Q
as filed on August 13, 2010. Tesla disclaims any obligation to update
information contained in these forward-looking statements whether as a
result of new information, future events, or otherwise.
Non-GAAP Financial Information
Consolidated financial information has been presented in accordance with
GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial
measures exclude non-cash items such as stock-based compensation as well
as the change in fair value related to Tesla’s warrant
liability. Management believes that it is useful to supplement its GAAP
financial statements with this non-GAAP information because management
uses such information internally for its operating, budgeting and
financial planning purposes. These non-GAAP financial measures also
facilitate management’s internal comparisons to Tesla’s historical
performance as well as comparisons to the operating results of other
companies. In addition, Tesla believes these non-GAAP financial measures
are useful to investors because they allow for greater transparency into
the indicators used by management as a basis for its financial and
operational decision making. Non-GAAP information is not prepared under
a comprehensive set of accounting rules and therefore, should only be
read in conjunction with financial information reported under U.S. GAAP
when understanding Tesla's operating performance. A reconciliation
between GAAP and non-GAAP financial information is provided below.
For additional information, please visit www.ir.teslamotors.com.
|
Tesla Motors, Inc. |
Condensed Consolidated Statements of Operations |
(Unaudited) |
(In thousands, except per share data) |
| |
| |
| |
| |
| |
| |
| | | Three Months Ended | | Nine Months Ended |
| | | Sept 30, 2010 |
| June 30, 2010 |
| Sept 30, 2009 | | Sept 30, 2010 |
| Sept 30, 2009 |
Revenues | | | | | | | | | | |
Automotive sales
| |
$
|
23,350
| | |
$
|
23,971
| | |
$
|
45,527
| | |
$
|
67,906
| | |
$
|
93,358
| |
Development services
| |
|
7,891
|
|
|
|
4,434
|
|
|
|
-
|
| |
|
12,552
|
|
|
|
-
|
|
Total revenues
| |
|
31,241
|
|
|
|
28,405
|
|
|
|
45,527
|
| |
|
80,458
|
|
|
|
93,358
|
|
| | | | | | | | | | |
|
Cost of revenues | | | | | | | | | | |
Automotive sales
| | |
19,457
| | | |
20,266
| | | |
37,828
| | | |
56,581
| | | |
85,604
| |
Development services
| |
|
2,488
|
|
|
|
1,878
|
|
|
|
-
|
| |
|
4,467
|
|
|
|
-
|
|
Total cost of revenues (1)
| |
|
21,945
|
|
|
|
22,144
|
|
|
|
37,828
|
| |
|
61,048
|
|
|
|
85,604
|
|
Gross profit
| | |
9,296
| | | |
6,261
| | | |
7,699
| | | |
19,410
| | | |
7,754
| |
Operating expenses | | | | | | | | | | |
Research and development (1)(2)
| | |
26,698
| | | |
15,416
| | | |
1,257
| | | |
55,379
| | | |
11,139
| |
Selling, general and administrative (1)
| |
|
20,432
|
|
|
|
22,207
|
|
|
|
10,733
|
| |
|
59,224
|
|
|
|
25,587
|
|
Total operating expenses
| |
|
47,130
|
|
|
|
37,623
|
|
|
|
11,990
|
| |
|
114,603
|
|
|
|
36,726
|
|
Loss from operations
| | |
(37,834
|
)
| | |
(31,362
|
)
| | |
(4,291
|
)
| | |
(95,193
|
)
| | |
(28,972
|
)
|
Interest income
| | |
100
| | | |
47
| | | |
52
| | | |
195
| | | |
97
| |
Interest expense
| | |
(298
|
)
| | |
(464
|
)
| | |
(18
|
)
| | |
(992
|
)
| | |
(2,506
|
)
|
Other income (expense), net
| |
|
3,180
|
|
|
|
(6,729
|
)
|
|
|
(577
|
)
| |
|
(6,770
|
)
|
|
|
(320
|
)
|
Loss before income taxes
| | |
(34,852
|
)
| | |
(38,508
|
)
| | |
(4,834
|
)
| | |
(102,760
|
)
| | |
(31,701
|
)
|
Provision for (benefit from) income taxes
| |
|
83
|
|
|
|
9
|
|
|
|
(219
|
)
| |
|
210
|
|
|
|
(203
|
)
|
Net loss
| |
$
|
(34,935
|
)
|
|
$
|
(38,517
|
)
|
|
$
|
(4,615
|
)
| |
$
|
(102,970
|
)
|
|
$
|
(31,498
|
)
|
Net loss per common share, basic and diluted (3)
| |
$
|
(0.38
|
)
|
|
$
|
(5.04
|
)
|
|
$
|
(0.66
|
)
| |
$
|
(2.86
|
)
|
|
$
|
(4.51
|
)
|
Shares used in per share calculation, basic and diluted (3)
| |
|
92,271
|
|
|
|
7,643
|
|
|
|
7,014
|
| |
|
36,052
|
|
|
|
6,984
|
|
| | | | | | | | | | |
|
Notes: | | | | | | | | | | |
(1)
|
Includes stock-based compensation expense of the following for the
periods presented:
|
| | | | | | | | | | |
|
|
Cost of revenues
| |
$
|
72
| | |
$
|
36
| | |
$
|
18
| | |
$
|
150
| | |
$
|
54
| |
|
Research and development
| | |
1,256
| | | |
551
| | | |
67
| | | |
2,088
| | | |
193
| |
|
Selling, general and administrative
| |
|
2,483
|
|
|
|
5,528
|
|
|
|
121
|
| |
|
11,075
|
|
|
|
202
|
|
|
Total stock-based compensation expense
| |
$
|
3,811
|
|
|
$
|
6,115
|
|
|
$
|
206
|
| |
$
|
13,313
|
|
|
$
|
449
|
|
| | | | | | | | | | |
|
(2)
|
Research and development expenses for the three and nine months
ended September 30, 2009 are net of development compensation of $8.7
million and $17.2 million, respectively.
|
| | | | | | | | | | |
|
(3)
|
On July 2, 2010, the Company completed its initial public offering
(IPO), pursuant to which the Company sold 11,880,600 shares of
common stock. Concurrent with the closing of the IPO, the Company
issued 2,941,176 shares of common stock to Toyota Motor Corporation
in a private placement.
|
| | | | | | | | | | |
|
|
Upon the completion of the IPO, all convertible preferred stock
automatically converted into 70,226,844 shares of common stock.
Additionally, 445,047 shares of common stock were issued upon the
net exercise of all outstanding warrants, excluding the Department
of Energy warrant, which would otherwise have expired upon the
completion of the IPO.
|
|
|
|
|
|
| |
| |
Tesla Motors, Inc. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
(In thousands) |
| | | | | | | | | |
| | | | | | |
|
| | | | | | | September 30, 2010 |
| December 31, 2009 |
Assets | | | | | | | | |
Cash and cash equivalents (1)
| | | | | |
$
|
96,563
| |
$
|
69,627
| |
Restricted cash – current (1)
| | | | | | |
88,130
| | |
-
| |
Accounts receivable
| | | | | | |
8,062
| | |
3,488
| |
Inventory
| | | | | | |
39,508
| | |
23,222
| |
Prepaid expenses and other current assets
| | | | | | |
8,870
| | |
4,222
| |
Operating lease vehicles, net
| | | | | | |
5,743
| | |
-
| |
Property and equipment, net
| | | | | | |
37,153
| | |
23,535
| |
Restricted cash – noncurrent (2)
| | | | | | |
57,492
| | |
3,580
| |
Other assets (2)
| | | | | |
|
20,100
|
|
|
2,750
|
|
Total assets
| | | | | |
$
|
361,621
|
|
$
|
130,424
|
|
| | | | | | | | |
|
Liabilities, Convertible Preferred Stock and Stockholders' Equity
(Deficit) | | | | | |
| | |
Accounts payable and accrued liabilities
| | | | | |
$
|
37,691
| |
$
|
29,618
| |
Deferred revenue and development compensation
| | | | | | |
5,991
| | |
2,773
| |
Reservation payments
| | | | | | |
27,869
| | |
26,048
| |
Common stock warrant liability (4)
| | | | | | |
6,675
| | |
-
| |
Convertible preferred stock warrant liability (3)(4)
| | | | | | |
-
| | |
1,734
| |
Capital lease obligations
| | | | | | |
857
| | |
1,090
| |
Long-term debt
| | | | | | |
56,557
| | |
-
| |
Other long-term liabilities
| | | | | |
|
6,058
|
|
|
3,459
|
|
Total liabilities
| | | | | | |
141,698
| | |
64,722
| |
Convertible preferred stock (3)
| | | | | | |
-
| | |
319,225
| |
Stockholders' equity (deficit) (1)(3)
| | | | | |
|
219,923
|
|
|
(253,523
|
)
|
Total liabilities, convertible preferred stock and stockholders'
equity (deficit)
| | | | | |
$
|
361,621
|
|
$
|
130,424
|
|
Notes: |
(1)
|
On July 2, 2010, the Company completed its initial public offering
(IPO), at which point the Company received proceeds of $184.7
million from this transaction, net of underwriting discounts and
commissions and other offering costs. Concurrent with the closing of
the IPO, the Company received proceeds of $50.0 million from the
issuance of common stock to Toyota Motor Corporation in a private
placement. As required under the Department of Energy (DoE) loan
facility, $100.0 million of the net proceeds were transferred to a
restricted dedicated account. As of September 30, 2010, $88.1
million remained in the dedicated account after authorized transfers
into the Company's operating cash account during the quarter.
|
|
|
(2)
|
In October 2010, the Company completed its acquisition of the
existing automobile production facility as well as certain
manufacturing equipment and spare parts located in Fremont,
California from New United Motor Manufacturing, Inc. As of
September 30, 2010, $51 million of payments into escrow was
recorded in noncurrent restricted cash and $8 million of
non-refundable payments was recorded in other assets.
|
|
|
(3)
|
Upon the completion of the IPO, all convertible preferred stock
automatically converted into 70,226,844 shares of common stock.
Additionally, 445,047 shares of common stock were issued upon the
net exercise of all outstanding warrants, excluding the DoE warrant,
which would otherwise have expired upon the completion of the IPO.
The convertible preferred stock and convertible preferred stock
warrant liability, excluding the DoE warrant, were reclassified to
stockholders’ equity concurrent with the completion of the IPO.
|
|
|
(4)
|
Upon the completion of the IPO, the DoE convertible preferred stock
warrant became a common stock warrant, at which point the warrant
was reclassified from convertible preferred stock warrant liability
to common stock warrant liability.
|
|
Tesla Motors, Inc. |
Supplemental Consolidated Financial Information |
(Unaudited) |
(In thousands) |
|
| |
| |
| |
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | Sept 30, 2010 |
| June 30, 2010 |
| Sept 30, 2009 | | Sept 30, 2010 |
| Sept 30, 2009 |
Selected Cash Flow Information | | | | | | | | | | |
Cash flows used in operating activities
| |
$
|
(45,957
|
)
| |
$
|
(20,247
|
)
| |
$
|
(23,489
|
)
| |
$
|
(93,533
|
)
| |
$
|
(51,818
|
)
|
Cash flows used in investing activities
| | |
(154,679
|
)
| | |
(7,689
|
)
| | |
(3,035
|
)
| | |
(171,747
|
)
| | |
(8,045
|
)
|
Cash flows provided by financing activities
| | |
249,895
| | | |
13,694
| | | |
82,371
| | | |
292,216
| | | |
157,133
| |
| | | | | | | | | |
|
Other Selected Financial Information | | | | | | | | | | |
Payments related to acquisition of facility and assets from NUMMI
| | |
55,710
| | | |
3,000
| | | |
-
| | | |
58,710
| | | |
-
| |
Other capital expenditures
| | |
10,768
| | | |
6,815
| | | |
2,256
| | | |
23,055
| | | |
5,685
| |
Depreciation and amortization
| | |
3,109
| | | |
2,483
| | | |
1,948
| | | |
7,733
| | | |
5,005
| |
| | | | | | | | | |
|
| | Sept 30, 2010 |
| June 30, 2010 |
| December 31, 2009 | | | | |
Cash | | | | | | | | | | |
Cash and cash equivalents
| |
$
|
96,563
| | |
$
|
47,304
| | |
$
|
69,627
| | | | | |
Restricted cash – current
| | |
88,130
| | | |
-
| | | |
-
| | | | | |
Restricted cash – noncurrent
| | |
57,492
| | | |
5,361
| | | |
3,580
| | | | | |
|
Tesla Motors, Inc. |
Reconciliation of GAAP to Non-GAAP Financial Information |
(Unaudited) |
(In thousands, except per share data) |
|
| |
| |
| |
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | Sept 30, 2010 |
| June 30, 2010 |
| Sept 30, 2009 | | Sept 30, 2010 |
| Sept 30, 2009 |
| | | | | | | | | |
|
Research and development expenses (GAAP) | |
$
|
26,698
| | |
$
|
15,416
| | |
$
|
1,257
| | |
$
|
55,379
| | |
$
|
11,139
| |
Stock-based compensation expense
| |
|
(1,256
|
)
|
|
|
(551
|
)
|
|
|
(67
|
)
| |
|
(2,088
|
)
|
|
|
(193
|
)
|
Research and development expenses (Non-GAAP) | |
$
|
25,442
|
|
|
$
|
14,865
|
|
|
$
|
1,190
|
| |
$
|
53,291
|
|
|
$
|
10,946
|
|
| | | | | | | | | |
|
Selling, general and administrative expenses (GAAP) | |
$
|
20,432
| | |
$
|
22,207
| | |
$
|
10,733
| | |
$
|
59,224
| | |
$
|
25,587
| |
Stock-based compensation expense
| |
|
(2,483
|
)
|
|
|
(5,528
|
)
|
|
|
(121
|
)
| |
|
(11,075
|
)
|
|
|
(202
|
)
|
Selling, general and administrative expenses (Non-GAAP) | |
$
|
17,949
|
|
|
$
|
16,679
|
|
|
$
|
10,612
|
| |
$
|
48,149
|
|
|
$
|
25,385
|
|
| | | | | | | | | |
|
Net loss (GAAP) | |
$
|
(34,935
|
)
| |
$
|
(38,517
|
)
| |
$
|
(4,615
|
)
| |
$
|
(102,970
|
)
| |
$
|
(31,498
|
)
|
Stock-based compensation expense
| | |
3,811
| | | |
6,115
| | | |
206
| | | |
13,313
| | | |
449
| |
Change in fair value of warrant liabilities
| |
|
(3,071
|
)
|
|
|
6,349
|
|
|
|
306
|
| |
|
5,610
|
|
|
|
404
|
|
Net loss (Non-GAAP) | |
$
|
(34,195
|
)
|
|
$
|
(26,053
|
)
|
|
$
|
(4,103
|
)
| |
$
|
(84,047
|
)
|
|
$
|
(30,645
|
)
|
| | | | | | | | | |
|
Net loss per common share, basic and diluted (GAAP) | |
$
|
(0.38
|
)
| |
$
|
(5.04
|
)
| |
$
|
(0.66
|
)
| |
$
|
(2.86
|
)
| |
$
|
(4.51
|
)
|
Stock-based compensation expense
| | |
0.04
| | | |
0.80
| | | |
0.03
| | | |
0.37
| | | |
0.06
| |
Change in fair value of warrant liabilities
| |
|
(0.03
|
)
|
|
|
0.83
|
|
|
|
0.05
|
| |
|
0.15
|
|
|
|
0.06
|
|
Net loss per common share, basic and diluted (Non-GAAP) | |
$
|
(0.37
|
)
|
|
$
|
(3.41
|
)
|
|
$
|
(0.58
|
)
| |
$
|
(2.34
|
)
|
|
$
|
(4.39
|
)
|
| | | | | | | | | |
|
| | | | | | | | | |
|
Shares used in per share calculation, basic and diluted (GAAP and
Non-GAAP) | |
|
92,271
|
|
|
|
7,643
|
|
|
|
7,014
|
| |
|
36,052
|
|
|
|
6,984
|
|
| | | | | | | | | |
|
Non-GAAP Financial Information |
Consolidated financial information has been presented in accordance
with GAAP as well as on a non-GAAP basis. On a non-GAAP basis,
financial measures exclude non-cash items such as stock-based
compensation as well as the change in fair value related to Tesla’s
warrant liabilities. Management believes that it is useful to
supplement its GAAP financial statements with this non-GAAP
information because management uses such information internally for
its operating, budgeting and financial planning purposes. These
non-GAAP financial measures also facilitate management’s internal
comparisons to Tesla’s historical performance as well as comparisons
to the operating results of other companies. Non-GAAP information is
not prepared under a comprehensive set of accounting rules and
therefore, should only be read in conjunction with financial
information reported under U.S. GAAP when understanding Tesla's
operating performance. A reconciliation between GAAP and non-GAAP
financial information is provided above.
|
Contacts:
Tesla Motors
Investor Relations: 650-681-5050
ir@teslamotors.com
Press:
Khobi Brooklyn
kbrooklyn@teslamotors.com
Source: Tesla Motors, Inc.
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