Tesla Motors Inc (NASDAQ:TSLA) had delivered had delivered more than 25,000 vehicles in the U.S. and Europe since June 2012 through the end of 2013. Of that, 22,477 vehicles were delivered in 2013. Stifel analysts James J. Albertine and Lucy Webster reviewed the electric vehicle maker’s latest 10-K filing. Stifel has a Hold rating on the stock.

Tesla Motors TSLA

Tesla’s development services revenues are declining

Tesla Motors Inc (NASDAQ:TSLA) offers electric powertrain development services, and sells powertrains to other automakers. Between May 2009 and December 2012, the Elon Musk-led company has supplied about 2,700 battery packs and chargers for Daimler AG (ETR:DAI) (FRA:DAI) (OTCMKTS:DDAIF)’s Smart fortwo and A-class vehicles. During the first half of 2012, the German automaker also placed two purchase orders for the development of powertrains for B-class Mercedes-Benz. Daimler’s affiliate Blackstar Investco LLC owns 4.9 million shares of Tesla.

Tesla Motors Inc (NASDAQ:TSLA) also supplies electric powertrain systems for Toyota Motor Corporation (NYSE:TM)’s RAV4 electric vehicle. The Palo Alto-based company started supplying production systems in 2012, and has so far shipped 1,600 units. Stifel analysts say the Model S maker will continue to supply powertrain systems to the Japanese company through 2014. Notably, Toyota purchased 2.9 million shares of Tesla in July 2010 at the IPO price of $17 apiece.

In 2013, Tesla Motors Inc (NASDAQ:TSLA) recognized $15.7 million in development services revenues, down from $27.6 million in 2012 and $55.7 million in 2011. The company has signed a deal with Japan’s Panasonic Corporation (ADR) (OTCMKTS:PCRFY) (TYO:6752) to supply more than 1.8 billion lithium-ion battery cells between 2014 and 2017. In November 2010, an entity associated with Panasonic purchased 1.4 million shares of Tesla Motors at $21.15 per share.

Tesla to sell energy storage products

With the announcement of its Gigafactory, Tesla Motors Inc (NASDAQ:TSLA) plans to start selling energy storage products for home, utilities and commercial sites. The battery systems’ applications include demand response, peak demand reduction, backup power and wholesale electric market services. Elon Musk plans to boost sales of these products this year. The electric vehicle maker said in its 10-K filing that the company owns 203 patents, and another 280 patent applications are pending in the U.S. and other countries. Most of the patents are related to safety systems, cooling systems, customized motor design, charge balancing systems, and software & electronic management systems.

Tesla Motors Inc (NASDAQ:TSLA) has a network of more than 80 sales and gallery locations in North America, Europe and Asia. And the number rises to 116 locations including service facilities. Tesla aims to increase its sales and service network by 75% this year. The company has found that opening a service center in a new area increases demand for its vehicles. The Palo Alto-based company operates 90 Supercharger stations across North America and Europe. Tesla plans to triple the number of Supercharger stations by the end of this year.

Tesla purchases components from more than 300 suppliers

Tesla Motors Inc (NASDAQ:TSLA) said that it purchases more than 2,000 auto parts from over 300 suppliers. Most of them are single source suppliers. So far, Tesla hasn’t gone for alternative sources for most of these components. The company doesn’t have a long-term agreement with most of these component suppliers. At the end of 2013, Tesla Motors Inc (NASDAQ:TSLA) had 5,859 full-time employees.

Tesla Motors Inc (NASDAQ:TSLA) shares dipped 1.80% to $233.50 in pre-market trading Friday.