I listened to their webcast Tuesday evening and I thought some of you would appreciate some interesting points :

• Model S is on track : the production line is almost ready; most contracts with suppliers signed – some parts could be even be produced in house if the supplier fails / creates problems / tries to increase prices just before launch; 15 alpha version cars under tests for cold weather, ABS (with Bosch) etc.
• they will have beta Model S late summer and let potential customers drive test them; this will coincide with the marketing push for reservations – for the moment they have 3700 reservations (at least $5000 each)
• a 5 star safety 2010 rating equals 3 star 2012 rating; Model S will be 5 star by the 2012 standard – obviously they will crash a lot of those beauties
• Elon is very excited by the sports version of Model S – no other details about it
• they spent extra (1y return on investment) to be able to make 20k Model S per year with one shift – so if needed they can accelerate to 60k/y really fast
• they have new chemistry in the battery cells for Model S (from Panasonic) – people with be excited with the results, most cannot believe that what they achieved is possible today
• reported y/y revenue growth about 100%, improved GM, bigger loss due to Model S, more orders from Daimler, Toyota …
• SUV Model X prototype will be unveiled this year, $100M development costs (compared to over $500M for Model S), will share the platform of Model S

 their GM on the Model S will be about 25% – think about it : in a rosy future, during 2013, they will sell 40k cars so GM will be about the revenue of 10k cars, say ASP $70k ($57k minimum, no options, minimum range), that means $700M GM only from Model S – add to that battery packs and power-trains for their partners and you have $500M 1y EPS (after taxes, fixed costs) for a market cap of slightly over four times that today ;)