Raspberry Pi interview: Eben Upton reveals all (Linux User)

The panda is subsidized, the beagle isn't. You can take the BOM, order the parts yourself and manufacture a beagleboard for slightly less than we're selling it right now. The key part is "order the parts yourself", you can't do that for a lot of chips, but you can for everything on the beagleboard and beaglebone.