Electric car company Tesla Motors has filed for a $100 million IPO. There were rumors floating late last year around that the company, which is led by PayPal co-founder Elon Musk, would go public “soon.” One interesting tidbit from the filing: Musk only takes $1 in yearly salary.
Another interesting factoid. In the filing, Tesla states that it will has seen net losses in each quarter since inception. The company expects to continue on the same path until it starts to deliver larger quantities of its Model S sedan, which is not expected until 2010 or later. Tesla took a loss in the first three quarters of 2009 of $31.5 million which is less than its loss for the same period in 2008, which was $57.3 million. Gross profit for the first three quarters of 2009 was $7.8 million compared to $561K for the same period in 2008. Sales for the first three quarters of 2009 topped out at $93.4 million.
Tesla claimed profitability in August of last year, reporting at the time that it made “approximately $1 million of earnings” on revenues of $20 million, and that it shipped 109 Roadsters, its $109,000 all-electric sports car. In June, Tesla was also awarded a $465 million loan from the Department of Energy, which will help it manufacture its more reasonably priced Modern S sedan.
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