Tesla extends deal with Lotus for Roadster, next-generation due in 2012

In an amended Securities and Exchange Commission filing posted on Monday, Tesla Motors said that it has extended its agreement with Lotus to help bridge a gap in production of the electric Roadster. Tesla, which filed for an initial public offering worth $100 million in January, has been facing up to an year of shutdown of production of the Roadster after 2011, due to tooling changes at an unnamed supplier.

Lotus sends Tesla “gliders,” which are partially assembled vehicles without Tesla’s electric powertrain.

The new agreement will help keep the Tesla Roadster in showroom longer than it originally planned.

Originally, Tesla had a deal with Lotus for 1,700 gliders, set to expire in March 2011. The new deal will give Lotus a total of 2,400 gliders and will expire in December 2011, helping it fulfill orders placed between 2011 and 2012.

The next-generation Tesla Roadster is not expected to arrive until sometime in 2012.

– By: Kap Shah

Source: Reuters