Tesla Motors Sells $13.8 Million Zero Emissions Vehicle Credits To Honda

Posted Jun 5, 2010

This past week Tesla Motors has filed a report with the U.S. SEC that they have made $13.8 million by selling zero emission vehicle credits, which is equal to 368 cars to Honda over the past 2 years. Honda is also contracted for an additional 287 credits.

Tesla sold about 1,100 electric Roadster vehicles since 2008 to environmentalists and celebrities. The company also plans to raise $100 million through an IPO. However Tesla has lost money every year since they started in 2003.

The state of California set pollution rules that required Honda, Toyota, GM, Ford, and Nissan combine to sell more than 60,000 plug-in hybrid and battery-only models over three years. If a companies fails to comply, they face fines and/or restrictions in California. California accounts for 10% of all new vehicles in the U.S. Companies are allowed to purchase ZEV credits from other automakers. [Edmunds]