Tesla ZEV credit changes will alter profit picture, but Musk still confident

Filed under: EV/Plug-in, Tesla Motors, Legislation and Policy

tesla model s logo

Tomorrow, we will get a fresh glimpse into the financial situation over at Tesla Motors. That’s when the California automaker, always ready to go its own way and not release monthly sale figures, will discuss its second-quarter SEC filing. From what we’ve been told, it won’t be as rosy at three months ago. In early May, when Tesla announced Q1 results and said it had made its first-ever quarterly profit, it warned that the second quarter results would not be as good. Specifically, the company said, “deferred revenue recognition required by GAAP for lease accounting will lead to a net loss on paper in Q2.” But we’ll find out the details soon enough.

Looking forward, there is another possible hurdle for Tesla’s profits. The California Air Resources Board (CARB) is thinking about changing the way it calculates zero-emission vehicle bonus credits. These would not be retroactive, but CARB may no longer allow battery swapping – which the Model S has – to get the bonus as a fast refueling option. This would reduce the value of Tesla’s ZEV credits that it sells to other automakers. In the first quarter, Tesla made $11.2 million in profit and took in $67.9 million in revenue from selling ZEV and other “regulatory” credits. You can see how, if the ZEV value declines, the company’s profit could also go away. Three months ago, Tesla said it was prepared for Q4 2013 ZEV credits to equal zero and yet Tesla CEO Elon Musk has said the company will be profitable by the end of the year even without selling credits.

Tesla has long relied on ZEV credits, and all the way back in 2010 there were stories about how the credits were running out so this is well-trodden ground. You can find all of the details of Tesla’s 2013 Q1 profits here and read more about the potential CARB changes here.

Tesla ZEV credit changes will alter profit picture, but Musk still confident originally appeared on Autoblog Green on Tue, 06 Aug 2013 17:29:00 EST. Please see our terms for use of feeds.

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eBay Find of the Day: 1993 Chevy Caprice Wagon ‘Alter-Nomad’ is a headtripping mashup

Filed under: Classics, Wagon, Auctions, Chevrolet, Specialty

Chevrolet  Alter Nomad

Chevrolet “Alter Nomad” Caprice – Click above for high-res image gallery

There are certain truths about Chevrolet wagons that we hold to be self-evident. Fourth generation long-roof Caprice models are all kinds of awesome, especially when packing the luscious Corvette-sourced 5.7-liter LT1 under the hood. Additionally, the ’57 Nomad is one of the most beautiful wagons to ever prowl the wide open spaces of our fine country. That doesn’t mean that we’re all for blending the two vehicles together, though. That didn’t stop one Thomas Taylor of California from penning the beastie you see above. Rolling under the “Alter Nomad” banner, the vehicle is a whole heap of almost awesome.

While the fin work out back does much to banish the bubble rear of the Caprice, tricks like the rocket hood spears and painted chrome insets make our stomachs churn. The saddest part of this tale is the fact that this particular machine rolls with the weaker 5.0-liter V8. Even with a remarkably low 81,116 miles on the odometer, the mill isn’t exactly on our list of world-class lumps. If this kind of kit is your bag of marbles, head over to eBay Motors for a closer look. While the auction has just ended, the bidding only got up to $6,500 with an unmet reserve, so we’re thinking if you want to make this trans-generational mashup yours, all you have to do is call the dealer, Discover Classic Cars in Arizona, and raid your piggy bank.

Gallery: Chevrolet “Alter Nomad” Caprice

[Source: eBay Motors]

eBay Find of the Day: 1993 Chevy Caprice Wagon ‘Alter-Nomad’ is a headtripping mashup originally appeared on Autoblog on Mon, 03 Jan 2011 16:56:00 EST. Please see our terms for use of feeds.

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