Electric car maker Tesla posts first profit

May 08, 2013

Tesla Motors said Wednesday it posted its first-ever quarterly profit as the electric carmaker beat its own forecasts and surprised market analysts.

The California-based firm said it earned a profit of $11 million in the first quarter as revenues rose 83 percent from the prior quarter to $562 million.

"Tesla reached profitability in the first quarter of 2013 for the first time in our 10-year history," a company statement said.

"We exceeded our own targets for deliveries, significantly expanded gross margin, and improved execution throughout the company."

The statement said "we consistently produced 400 or more Model S vehicles per week, for a total of over 5,000 during the quarter" and counted revenues from vehicles.

Tesla cited "strong global demand for Model S" saying it is "currently receiving orders at a rate greater than 20,000 per year worldwide" and noted that it seen "significant upside potential in Europe and Asia."

Tesla conducted an in 2011, raising $226 million.

The first model, the Tesla Roadster, cost more than $100,000 and can go nearly 250 miles (400 kilometers) on a single charge.

It later launched the Model S, starting at $49,900, but with financing, and resale guarantees aimed at winning over consumers.

Tesla also provides electric powertrains and other equipment to carmakers including Toyota and Mercedes-Benz.

Explore further: Venture investments jump to $9.5B in 1Q

add to favorites email to friend print save as pdf

Related Stories

Tesla to unveil electric 5-seat sedan next week

Mar 19, 2009

US electric automaker Tesla Motors, which launched a breakthrough gas-free sports car last year, announced Thursday it will unveil in coming days a five-seat sedan, to roll off assembly lines by 2011.

Recommended for you

Venture investments jump to $9.5B in 1Q

6 hours ago

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into an increasing number of deals, according to a report due out Friday.

Weibo IPO below expectations, raises $285.6 mn

Apr 17, 2014

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

'Chief Yahoo' David Filo returns to board

Apr 17, 2014

Yahoo announced the nomination of three new board members, including company co-founder David Filo, who earned the nickname and formal job title of "Chief Yahoo."

User comments : 0

More news stories

Under some LED bulbs whites aren't 'whiter than white'

For years, companies have been adding whiteners to laundry detergent, paints, plastics, paper and fabrics to make whites look "whiter than white," but now, with a switch away from incandescent and fluorescent lighting, different ...

Vietnam battles fatal measles outbreak

Vietnam is scrambling to contain a deadly outbreak of measles that has killed more than 100 people, mostly young children, and infected thousands more this year, the government said Friday.