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Table of Contents
Results of Operations
The following table sets forth our consolidated statements of operations data for the periods indicated:
Revenues
Automotive Sales
Automotive sales consisted of the following for the periods presented:
Automotive sales during the year ended December 31, 2010 were $97.1 million, a decrease from $111.9 million during the year ended
December 31, 2009. Automotive sales for the year ended December 31, 2010 consisted of $75.5 million of vehicle, options and related sales, and
$21.6 million of powertrain component and related sales, compared to $111.6 million of vehicle, options and related sales and $0.4 million of
powertrain component and related sales for the year ended December 31, 2009. Automotive sales for the year ended December 31, 2008 were
$14.7 million, comprised primarily of sales of the Tesla Roadster which we began to deliver in the fourth quarter of 2008 as well as related zero
emission vehicle, or ZEV, credits. Almost all of the revenue recognized during the year ended December 31, 2008, came from fulfilling
reservations placed in prior periods.
90
Year Ended December 31,
2010
2009
2008
Automotive sales
$
97,078
$
111,943
$
14,742
Development services
19,666
—
—
Total revenues
116,744
111,943
14,742
Cost of revenues
Automotive sales
79,982
102,408
15,883
Development services
6,031
—
—
Total cost of revenues
86,013
102,408
15,883
Gross profit (loss)
30,731
9,535
(1,141
)
Operating expenses
Research and development (net of development compensation of $23,249 for the
year ended December 31, 2009)
92,996
19,282
53,714
Selling, general and administrative
84,573
42,150
23,649
Total operating expenses
177,569
61,432
77,363
Loss from operations
(146,838
)
(51,897
)
(78,504
)
Interest income
258
159
529
Interest expense
(992
)
(2,531
)
(3,747
)
Other expense, net
(6,583
)
(1,445
)
(963
)
Loss before income taxes
(154,155
)
(55,714
)
(82,685
)
Provision for income taxes
173
26
97
Net loss
$
(154,328
)
$
(55,740
)
$
(82,782
)
Year Ended December 31,
2010
2009
2008
Vehicle, options and related sales
$
75,459
$
111,555
$
14,742
Powertrain component and related sales
21,619
388
—
Total automotive sales
$
97,078
$
111,943
$
14,742