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Last $268.26 USD
Change Today +6.24 / 2.38%
Volume 3.1M
TSLA On Other Exchanges
Symbol
Exchange
NASDAQ GS
Xetra
Mexico
As of 5:20 PM 06/30/15 All times are local (Market data is delayed by at least 15 minutes).

tesla motors inc (TSLA) Key Developments

Tesla Plans Crossover Version of Model 3

Tesla planed a crossover version of its model 3. The third-generation vehicles currently under development will be available as both sedans and crossovers. Due in 2017, the Model 3 lineup is expected to cost about USD 35,000 and give drivers a battery range of 200 miles. Tesla is developing cars to come after the Model 3.

Dalhousie University Announces Five-Year Research Partnership with Tesla Motors to Develop Better Lithium-Ion Battery Technology

Dalhousie University has announced a five-year research partnership with Tesla Motors to develop better lithium-ion battery technology. Dalhousie said the exclusive partnership with Tesla will begin in a year's time. In the meantime, Dahn will continue to work as the Industrial Research Chair in Materials for Advanced Batteries, which is funded by 3M Canada and the Natural Sciences and Engineering Research Council of Canada. Twenty-five people work in Dahn's research laboratory at Dalhousie.

Tesla Motors, Inc. and Tesla Motors Netherlands B.V. Enter into an ABL Credit Agreement with Deutsche Bank, Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo and Credit Suisse

On June 10, 2015, Tesla Motors, Inc. and its subsidiary Tesla Motors Netherlands B.V. entered into an ABL Credit Agreement with Deutsche Bank, Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo and Credit Suisse. The Credit Agreement provides for a senior secured asset-based revolving credit facility of up to $500.0 million, which the Borrowers may draw upon from time to time. The Company may increase the total commitments under the Credit Facility by up to an additional $250.0 million, subject to certain conditions, potentially increasing the Credit Facility to up to $750.0 million. In addition, the Credit Agreement provides for a $100.0 million letter of credit subfacility and a $40.0 million swingline loan subfacility. The proceeds of the loans under the Credit Agreement may be used for working capital and general corporate purposes. The Credit Facility terminates, and all outstanding loans become due and payable, on June 10, 2020. There were no amounts outstanding under the Credit Facility as of the Closing Date. Availability under the Credit Facility will be based upon periodic borrowing base certifications valuing certain of the Borrowers' inventory, accounts receivable and equipment, as reduced by certain reserves. Outstanding borrowings accrue interest at floating rates plus an applicable margin of 1.0% for LIBOR rate loans, and 0.0% for base rate loans. The commitment fee payable on the unused portion of the Credit Facility equals 0.25% per annum based on utilization of the Credit Facility. On the Closing Date, the Borrowers provided an unconditional guaranty of all amounts owing under the Credit Agreement and related credit documents. Certain material subsidiaries of the Borrowers are required to become parties to these guaranties. The Borrowers have also granted security interests in their respective accounts, inventory, certain equipment, certain related assets, specified deposit accounts for the collection of accounts receivable, and certain other accounts to secure all obligations of the Borrowers under the Credit Agreement and the related credit documents. Future subsidiary guarantors are also required to become a party to the applicable security agreements. The Credit Agreement contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates. The Credit Agreement also contains customary covenants that limit the ability of the Company and its subsidiaries to, among other things, pay dividends, incur debt, create liens and encumbrances, or redeem or repurchase stock. Under certain circumstances, the Company is required to maintain a minimum fixed charge coverage ratio. The Credit Agreement contains customary events of default, such as the failure to pay obligations when due, initiation of bankruptcy or insolvency proceedings, defaults on certain other indebtedness, change of control, material breach of representations and warranties, and the failure to meet certain liquidity conditions with respect to the Company's convertible senior notes. Upon an event of default, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding and foreclose on collateral.

Deepak Ahuja to Retire as the Chief Financial Officer of Tesla Motors, Inc

As announced on June 9, 2015, Deepak Ahuja intends to retire after having served as the Chief Financial Officer of Tesla Motors, Inc. for the past seven years. Until his retirement, Mr. Ahuja will continue to serve as Tesla's Chief Financial Officer and will perform all duties associated with that role. Additionally, Mr. Ahuja will assist in the selection of his successor and will remain at Tesla as long as necessary to ensure that an effective transition takes place.

Advanced Microgrid Solutions Signs 500 MWh Energy Storage Deal with Tesla

Advanced Microgrid Solutions announced that the company has selected Tesla as the primary technology provider for its groundbreaking utility-scale energy storage projects. Under the agreement, AMS will install up to 500-megawatt hours (MWh) of Tesla batteries in its energy storage projects. AMS has also signed a master agreement with global firm Black & Veatch for engineering and construction services. AMS will install and operate Tesla's Powerpack energy storage systems in commercial and industrial facilities to provide grid support to utilities using customer load. Last fall, AMS secured 50-MWs of contracts to build grid-scale energy storage projects for Southern California Edison, including the creation of the first fleet of Hybrid-Electric Buildings. The combination of energy storage technology and intelligent software will allow customer loads to be used as a virtual power plant by utilities. AMS will aggregate the distributed systems into regional fleets that provide clean, fully dispatchable load reduction to utilities. Utilities benefit from the ability to defer distribution system upgrades, greater reliability in areas with circuit overload, reductions in greenhouse gas emissions, and the seamless integration of renewable generation. Host customers enjoy immediate bill savings, enhanced energy efficiency, and the security of backup generation.

 

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Industry Analysis

TSLA

Industry Average

Valuation TSLA Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 9.4x
Price/Book 40.1x
Price/Cash Flow NM Not Meaningful
TEV/Sales 8.2x
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