Tesla sells environmental credits to Honda, report says

Article by Christian Andrei, on August 29, 2010

Tesla Motors Inc. has yet to turn a profit on the zero-emission vehicles that it has produced with the support of Toyota Motor Corp. and Daimler AG, according to a filing by the Palo Alto-based company. But to help offset those losses, the company has taken to selling environmental credits to Honda Motor Co.

Since 2008, Tesla has made $13.8 million from selling the zero-emission vehicle credits that big automakers need to be able to comply with California's strict pollution rules.

The only customer named by Tesla was Honda, which ranks as the most fuel-efficient carmaker in the US. Honda has purchased Tesla credits equivalent to 368 cars and has contracted for 287 vehicles more.

Since 2008, Tesla has sold about 1,000 electric Roadsters, which are priced $109,000 each, to battery-car advocates as well as film stars and musicians.

It was also revealed that CEO Elon Musk intends to produce $57,000 Model S sedans at a former Toyota joint-venture factory in 2012.

According further to Tesla's filings for a planned initial public offering that could raise at least $100 million, the company has lost money each year since it was founded in 2003.

Topics: tesla, honda

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

More positive news has been pouring in before the year ends. For those who have been waiting to hear the latest word on Toyota 86, we have some great news....
by - December 10, 2016
Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries