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DATE News (chronologically)
02/15/12
automotive
Tesla scores electric Mercedes-Benz deal  Tesla reported fourth quarter and full year earnings on Wednesday and in its shareholder’s letter revealed that it has started a development program with Daimler to build a new electric Mercedes-Benz vehicle with a Tesla powertrain. Daimler is already an investor in Tesla and uses Tesla battery packs for its electric Smart cars. Daimler’s electric Mercedes plans have been talked about for years.

Tesla says that the electric Mercedes-Benz program will include use of a full powertrain — including the motor, gearbox, inverter and software — but Tesla didn’t go into details about timing of the launch of the car or volumes of production of the car. Tesla says it’ll recognize revenue from the program beginning in the second quarter.

The Mercedes-Benz deal is Tesla’s latest good news, following the unveiling of its third car the Model X model in Los Angeles last week. Other good news in Tesla’s earnings are that it remains on track to deliver its first Model S cars to customers starting this Summer, that its DOE loan and relationship are in good standing, and that its anticipating guidance for the year ahead of between $550 million and $600 million.
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