Tesla Motors has said there are no assurances it will be able to formalise any joint development activities with Toyota, despite an announcement last month that the Japanese giant is to plough US$50m into the electric vehicle manufacturer.
TMC’s stock purchase will be issued in a private placement to finish subsequent to the closing of Tesla’s currently planned initial public offering.
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Tesla and Toyota also announced their intention to cooperate on the future development of electric vehicles, and for Tesla to receive Toyota’s support with sourcing parts and production and engineering expertise for the Model S.
However, in an SEC filing on 2 June, Tesla said: “There are no assurances we will be able to enter into any agreements, including any purchase orders, with Toyota for such joint development projects on terms favourable to us, if at all.”
The company added that since inception through to 31 March 2010, it had incurred net losses of approximately US$290.2m and has used approximately $230.5m of cash in operations and while recognising only approximately $147.6m in revenue. As of 31 March 2010, the company had $61.5m in cash and cash equivalents.
“We expect that the proceeds of this offering, the concurrent private placement and the Department of Energy loan facility, together with our anticipated cash from operating activities and cash on hand, will be sufficient to fund our operations for the next 24 months,” the SEC filing said.
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