Tesla SEC filing shows Musk will take $1 salary, losses expected until 2012

As announced last week, electric-car manufacturer Tesla Motors has filled for a $100 million IPO. Here are some interesting things you’ll find in the company’s documents filed with the Securities and Exchange Commission.

  • Tesla Roadster will end production in 2011. Replacement due in 2013.
  • CEO Elon Musk will take $1 in yearly salary.
  • Tesla expects losses until at least late 2012.
  • Tesla will spend $33 million this year on facilities to produce Model S.

Tesla is still not profitable. Since its birth in 2003 through Sept. 30, 2009, Tesla brought in a total of $108.2 million in revenue and has accumulated a deficit of $236.4 million. The company lost $82.8 million in 2008 and $31.5 million for the first nine months of 2009.

From its SEC documents it seems that Tesla plans to face losses until it sells a certain number of Model S sedans, which will begin production in 2012. The U.S. Department of Energy awarded Tesla $465 million to produce the Model S.

Tesla Model S:

Tesla Model S Tesla Model S Tesla Model S

– By: Omar Rana

Source: TechCrunch