Sorry, Tesla Motors fans, Elon Musk’s electric car company isn't announcing a motorcycle on April 30. Instead, the Model S luxury electric car maker says it will unveil home and utility scale batteries, according to an email sent to investors and analysts Tuesday.
On April 30, “we will introduce the Tesla home battery and a very large utility scale battery,” Jeff Evanson, Tesla’s investor relations spokesman, said in an email to analysts. “We will explain the advantages of our solutions and why past battery options were not compelling (okay Elon said ‘sucked’).”
“Sorry, no motorcycle ... but that was a creative guess,” Evanson added.
Tesla also said Wednesday it will release its financial results for the first quarter ended March 31 on Wednesday, May 6, after markets close in New York. The earnings release will be followed by a conference call with CEO Musk starting at 5:30 p.m. EDT. The live audio webcast can be heard here.
The company previously had announced it was working on a battery for home energy storage, but next week’s event, at Tesla's facility in Hawthorne, California, will offer more details about its efforts to grow its energy storage business. The company already provides home storage units for SolarCity Corp. (NASDAQ:SCTY), the solar energy services provider headed by Musk.
“We are going to unveil the Tesla home battery, the consumer battery that would be for use in people’s houses or businesses fairly soon,” Musk said in a conference call in February.
Tesla Motors Inc. (NASDAQ:TSLA) shares jumped 4.43 percent to $218.74 Wednesday morning following the announcement. SolarCity’s stock rose 2.44 percent to $59.10.
Analysts polled by Thomson Reuters expect Tesla to report 46 percent growth in revenue, to $1.04 billion, compared with the $713 million posted in the first three months of 2014. This could be Tesla’s first billion-dollar quarter for sales.
But losses are widening as the company invests heavily in fleshing out its global sales, marketing and service network, as well as the massive battery factory it’s building in Nevada under partnership with its battery supplier, Panasonic Corporation (TYO:6752).
Net losses are expected to widen from $49.8 million to $113.1 million, including one-time charges. Per-share losses will grow from 40 cents to 88 cents, including charges. Tesla had about $1.9 billion in cash and debt and other liabilities of about $4.9 billion at the end of 2014.