Mercedes hands electric car project to Tesla Motors | TheGreenCarWebsite.co.uk
Tesla Soars After Losing Less Than Forecast, Mercedes Deal - Bloomberg
Tesla Motors has revealed it has received a letter of intent from Daimler for a full electric powertrain programme for a vehicle in the Mercedes line-up.
Details of the deal are expected to be announced in the coming months, but it will further Tesla’s collaboration with Daimler with deliveries under the Smart Fortwo and Mercedes A-Class programmes scheduled by the end of this year.
Tesla Soars After Losing Less Than Forecast, Mercedes Deal - Bloomberg
The automaker, based in Palo Alto, California, said in a letter to shareholders that it had a “letter of intent” from Daimler AG (DAI) for “a full powertrain in the Mercedes line.” Details of the program may be announced “around the end of the year,” Musk said yesterday on a conference call.
The new deal could add $100 million to Tesla’s revenue over the next few years if it’s similar to powertrain business with Toyota Motor Corp. (7203), JPMorgan analyst Himanshu Patel, who has an “overweight” rating on Tesla, said in a note today.
“Components is a higher margin business and would boost overall gross margin,” Patel said.