Tesla Motors Inc (TSLA) May Build A Lithium-Ion Battery Facility
Tesla Motors Inc (NASDAQ:TSLA) may build a lithium-ion battery facility that could be the largest in the world. Elon Musk reported this news yesterday during the company’s earnings call.
“This will be a giant facility. We are talking about something that is comparable to all of the lithium-ion battery production in the world — in one factory,” stated Musk during the call.
Tesla Motors Inc (NASDAQ:TSLA) expanded their deal with Panasonic in order to secure more battery cells. Tesla is going to buy three times more cells than they did from Panasonic previously. Panasonic may generate $7 billion from the Tesla Motors deal as a result. Tesla will get a minimum of 1.8 billion cells from Panasonic over four years.
Tesla Motors Inc (NASDAQ:TSLA) had to hold back the deliveries of the Model S vehicle in North America to help fill the demand in Europe. Some customers in Europe have been waiting for the Model S for a few years.
Tesla Motors Inc (NASDAQ:TSLA) reported their third quarter financials yesterday. Tesla Motors Inc (NASDAQ:TSLA) reported that their gross margins increased to 21% (non-GAAP) excluding ZEV credits. The net income (non-GAAP) was at $16 million. The cash balance for Tesla Motors Inc (NASDAQ:TSLA) increased by $49 million to $796 million.
Tesla Motors Inc (NASDAQ:TSLA) reported that Q3 non-GAAP revenues were $603 million, which is up 9% from Q2. The GAAP revenues were $431 million, up 6% from Q2.
[Source: Forbes]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry