Electric car-maker Tesla posted the first
quarterly profit in its ten-year history Wednesday as strong sales of
its luxury Model S sedan drove it to record revenue.
The company, which makes its cars in a huge former Toyota factory in Silicon Valley, said it earned 11.25 million dollars in income compared to a 90 million dollar loss in the year ago quarter. Revenue came in at 562 million dollars, compared with just 30.17 million dollars for the first quarter of 2012.
The company said that it is receiving orders of over 20,000 cars per year and that it now expects to ship 21,000 cars this year.
"We exceeded our own target for deliveries," Chief Executive Officer Musk and Chief Financial Officer Deepak Ahuja said in the statement. "2013 is off to a strong start."
Tesla was founded by CEO Elon Musk, who also heads the pioneering SpaceX company which is the first private enterprise to send a rocket to the International Space Station.
Tesla's success is in marked contrast to competitors like Fisker Automotive which recently filed for bankruptcy. Sales of its Model S have also exceeded those of another highly touted electric vehicle, General Motors' Volt.
Most Popular Stories
- Stocks Close Out Best Week in Nearly 2 Years
- Microsoft Earnings Drive Stocks Higher
- Do Voters Want Compromise?
- Timeline for New York Ebola Doctor
- 'Kissing Congressman' Admits Mistake in Reelection Bid
- Clinton Rallies New England Women
- Ebola in New York, Mali Raises Travel Jitters
- Market Jolt Offers a Reality Check for Investors
- Tech Workers Needed in South Florida
- Steris to Add 100 Jobs in Birmingham