“We are very pleased to report steady top-line growth and significant growth in gross margin, driven by the continued improvement in Roadster orders and our growing powertrain business,” said Elon Musk, CEO of Tesla Motors. “Roadster orders in this quarter hit a new high since the third quarter of 2008, having increased over 15% from last quarter. While some of this is due to seasonal effects associated with selling a convertible during the summer months, we are pleased with the global expansion of the Roadster business and the continued validation of Tesla’s technology leadership position evidenced by our new and expanding strategic relationships.”
During this quarter, the Tesla Roadster was introduced in five additional countries and a new store was opened in Paris. Tesla plans to open stores in Milan and Tokyo during the fourth quarter. Over 1,300 Roadsters have been delivered in 31 countries since its launch, and have logged over 7 million miles as of October 31, 2010.
Tesla is preparing its manufacturing facility in Fremont for the production of the Model S. The first Model S alpha is expected by the end of the year. Its prototype powertrain has begun road testing, with laboratory testing still in progress and yielding positive results.
“We continued to garner high profile endorsements of our industry leading technology and electric powertrain systems,” Musk continued. “In October, we signed an agreement with Toyota for the development of a complete powertrain for the electric Toyota RAV4 vehicle - including the battery pack, charger, motor, gearbox and associated software. We have also recently completed all of the milestones for the Daimler A-Class battery development, and are now in the production phase. Most recently, we strengthened our six year relationship with Panasonic, announcing that the world’s leader in small format lithium ion cells, has invested $30 million in Tesla.”
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