Tesla Motors Turns a Profit for First Time as Model S Sales Exceed Target
Tesla Motors, the pioneering California-based electric car company, announced yesterday that sales of its Model S sedan exceeded expectations. The company expected to sell 4,500 units of the Model S in the first quarter, but by last weekend sales had surpassed 4,750. According to Tesla, the company, which has been hemorrhaging money in recent years, turned a profit for the first time in the first quarter of 2013.
“There have been many car startups over the past several decades, but profitability is what makes a company real,” said Tesla CEO Elon Musk in a statement. “Tesla is here to stay and keep fighting for the electric car revolution.”
Tesla’s Model S vehicle sales exceeded 4,750 units vs. the 4,500 unit prior outlook, according to the company. However, an estimate made by Bloomberg News shows a loss of 11 cents a share. Bloomberg’s estimate noted that Tesla fell 27 cents (0.7%) on March 28, with a 12 total annual stock gain. Tesla Motors is expected to release its financial disclosure statement today.
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