Tesla Motors has sold $13.8 million in carbon credits to Honda Motor since 2008, despite not making a profit on its manufacturing business yet, according to a report in Automotive News.
According to the report, which was based on SEC filings for the company’s upcoming IPO, Tesla has not turned a profit since its founding in 2003.
Tesla also said that it sold credits to another unidentified automaker.
Honda needs the credits under California’s Zero Emission Vehicle law, according to the report, which added that the Japanese automaker acquired permits equivalent to 368 cars, and has a contract for an additional 287.
Under the state regulations, Honda, Toyota, Ford, GM and Nissan must sell a combined 60,000 plug-in hybrids or battery operated vehicles over a three year period. Honda lacks a plug-in model.
Honda is also the only company leasing hydrogen cars to retail customers in the U.S., according to the report.
Toyota recently said it would invest $50 million in the auto startup, but Tesla according to filings the company denied the two have reached a formal agreement to collaborate on electric vehicles.
