Tesla files update with SEC, confirms Roadster production for 2012, draws from DOE loans
by Eric Loveday (RSS feed) on Mar 30th 2010 at 3:26PM
2010 Tesla Roadster Sport - Click above for high-res image gallery
Registering for an initial public offering, like Tesla Motors has done, requires that certain documents are filed regarding company actions. Since first filing for its IPO back in January, Tesla has had a few new developments surface which requires the company to amend its S-1 filing.
The S-1 filing lays out details about the company's financial situation including future plans, current risks and funding status. In the amendment, filed with the Securities and Exchange Commission on March 26, two important developments were noted. One, Tesla has begun to draw funds from its $465 million in Department of Energy loan. Two, Tesla has secured all suppliers necessary to continue the Roadster production into the 2012 model year. The suppliers' agreement will provide Tesla with 700 additional Roadsters to sell during the 2012 year, before the production of the next-gen Roadster gets underway.
A recent Tesla newsletter stated that the company, "negotiated agreements with key suppliers that will increase total Roadster production by 40 percent and extend sales into 2012." The actual supplier agreement with Lotus, which builds partially assembled vehicles (gliders) for Tesla, is laid out as follows: Lotus will continue to build gliders for Tesla until December of 2011 a change from the previous cut-off of March 2011. Lotus will supply at least 2,400 total gliders to Tesla by December 2011, an increase over the previous 1,700 units committed to by Lotus.
With Roadster production confirmed for 2012 and the Model S on the way soon, Tesla supporters can think about rejoicing, the company might be doing just fine. Hat tip to Dean!
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