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.