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Sunday, July 26, 2020

Tesla: skipped regulatory credit reporting for survival, there is no ZEV/BEV transfer reported for September 2018-August 2019, $594 million revenue in doubt

Since 2009, Tesla has been reporting about their regulatory credit revenue from sale of (zero emission vehicle) ZEV in their quarterly earning report.

According to CARB data, Tesla transferred 223,788.12 ZEV credit to Chrysler, Honda, Subaru, Fuji, Ford, Toyota and Fiat with remaining balance of 210,851.13 as of August 2019. Tesla reported 0.00 of ZEV credit transfer between September 2018 - August 2019 and between September 2019 - August 2020 will be reported next month.  

According to New York data, Tesla transferred 21,306.76 BEV credit to Ford, Mazda, Subaru, and Toyota in 4 year with remaining balance of 19,994.07. There was 0.00 BEV credit transfer between September 2018 - August 2019  which is mandatory to report and between September 2019- August 2020 credit balance will be reported next month. 

So if we add credit sale of New York, and California till August 2018
 21,306.76 +223,788.12 = 245,094.88 

Total regulatory credit revenue reported since 2009 till August 2018:  $1.7152 Billion 

This means Tesla is making: $1.7152 Billion / 245,094.88 = $6,998.11 on each ZEV credit transfer. 

Each Tesla car gets approximately 3.5 ZEV credit = 3.5 times $6,998.11 which mean they made $24,493.7 on each car sale. (May be some customer would sue Tesla and get their share because its their car)


Here is a link to CARB site, click on each link you can see the credit transfer and balance. 


But based on CARB, here are the ZEV credit balance and transfer. since 2010:

YearBalanceTransferTransfereeTotal Credit Generated
2009
2010
2011022.995Chrysler22.995
2012031.605Honda31.605
2013276.081311.52Honda+Subaru1,587.6
2014221.56650.195Fuji +ford595.675
201549881,554.805Toyota+Ford6,321.245
2016353080,227Ford + Fiat + Honda78,769
20172955651,776Toyota Subaru Fiat77,802
201874712.1788,214Toyota133,370.17
2019210,851.13    0.00136,138.96
2020
Total223788.12434639.25

New York ZEV credit balance is reported since 2014: https://www.dec.ny.gov/chemical/8575.html

YearBalanceTransferTransfereeTotal Credit Generated
2011000
2012000
2013000
2014000
20153.7141,316Ford1,319.714
20164,807.71850Mazda5,653.996
201768.7110,287Toyota+Subaru5,548
20182,303.958,853.76Toyota11,089
201919,994.07     0.0017,690.12
2020
21306.7641300.83

Tesla claimed in their quarterly report they made $8.2 million in 2009, $2.7 million in 2010, and $2.8 million through ZEV credit transfer. They didnt even sell car in 2009. thats another red flag.


Regulatory credit revenue reported by Tesla :

YearRegulatory Credit in (million)
2009$8.2
2010$2.8
2011$2.7
2012$40.5
2013$194.4
2014$216.3
2015$168.7
2016$302.3
2017$360.3
2018$419
2019$594
2020          $772
Total$3,079.2

Tesla reported regulatory credit revenue of $354 million in Q1 2020, and $428 million in Q2, thats total of $772 million. There was 0.00 ZEV/BEV transfer between August 2018-August 2019 yet Tesla reported $594 million in regulatory credit revenue, so question how did they come up with this number ? Whom did they transfer ZEV credit and what is the balance left ?  Will they skip reporting again for $772 million ?

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