Daimler, Toyota Get Rich Off Tesla
In one of its recent articles, financial site The Motley Fool, notes that Daimler and Toyota earned hundreds of millions of dollars on Tesla Motors.
Both companies invested ~ $50 million early on (Daimler in May 2009 and Toyota in July 2010) and sold the stock in October 2014. Value at sale for Daimler was about $830 million, while Toyota got $692 million (estimated by The Motley Fool).
In total, Daimler and Toyota made $1.5 billion from the Tesla Motors’ stock rush.
“Amazingly, each company made a bigger profit from Tesla Motors than Tesla Motors has ever made itself — even though neither company seemed keen on being a long-term partner for the electric-vehicle upstart.”
Daimler used Tesla in the early pilot smart ED projects, and later in the Mercedes-Benz B-Class Electric Drive, but next generation EVs will be developed in-house. Toyota used Tesla to introduce the compliance RAV4 EV, but the project ended and the Japanese carmaker is now focused on FCVs.
For all parties, deals were win-win, as Daimler and Toyota got their EVs to the market quicker when needed and earned a small fortune, which probably covered all those project’s costs. At the same time, Tesla Motors was rescued from pending bankruptcy, got financing, credibility of supplier status and also earned on producing componentry for Daimler and Toyota.
It is too bad all deals in the EV space don’t go as well as this.
In the long run, all three will be competing for future consumer’s money, not only in cars but in case of Daimler and Tesla, energy storage systems too.
Source: The Motley Fool