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Tesla Reveals How Much Business It Has Done With Elon Musk's Other Company SpaceX Since 2019

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Tesla Reveals How Much Business It Has Done With Elon Musk's Other Company SpaceX Since 2019

Tesla Inc. (NASDAQ: TSLA) in a filing with the Securities and Exchange Commission on Tuesday revealed how it does business with SpaceX, the other company run by its chief executive officer Elon Musk.

What Happened

In the filing, first reported by CNBC, the automaker said it sold $1.2 million worth of battery components to the Space Exploration Company this year until the end of March.

In 2019, it sold $1 million worth of battery components to its sister company, Tesla said. Musk had said in September last year that SpaceX's Starship MK1 was using batteries manufactured by Tesla.

The Palo Alto-based automaker said it purchased "non-battery vehicle parts" worth $600,000 in 2019, and another $600,000 in the first three months of 2020.

In addition, the two companies also signed an agreement this year for Tesla to build a "custom tool" for SpaceX at the cost of about $700,000, as per the filing. SpaceX also paid $300,000 for a "Tesla Energy System" in 2019, it said.

Tesla has paid SpaceX $200,000 so far in 2020 for the use of a private jet it has been letting since 2016.

Tesla Price Action

Tesla shares closed 3.7% lower at $769.12 on Tuesday. The shares traded 1% higher in the after-hours at $776.79.

 

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