Tesla Posts First Quarterly Profit
- Tesla Motors reached profitability for the first time in its 10-year history.
- "2013 is off to a strong start," wrote Tesla CEO Elon Musk in a letter to shareholders on Wednesday.
- "For the full year of 2013, we expect to exceed our prior target of 20,000 worldwide deliveries and feel comfortable raising guidance to about 21,000 deliveries," the company said.
PALO ALTO, California — Tesla Motors reached profitability for the first time in its 10-year history, citing record Tesla Model S deliveries in the first quarter and a strong business supplying electric powertrains and battery packs to Toyota for its RAV4 EV program.
"2013 is off to a strong start," wrote Tesla CEO Elon Musk in a letter to shareholders on Wednesday.
Tesla said it expects to exceed its prior target of 20,000 worldwide deliveries and feels comfortable raising guidance to about 21,000 deliveries.
"We also completed various deliverables under the Mercedes-Benz B-Class EV program which contributed to total development services revenue of almost $7 million," Tesla noted in its shareholder letter.
Tesla's first quarter net income totaled $11.2 million versus a loss of $89.9 million a year ago. Tesla posted record sales of $562 million, up 83 percent from the last quarter.
The automaker delivered 4,900 vehicles in the first quarter.
Tesla ended the quarter as the top seller of rechargeable autos in North America, according to Automotive News data. Its Model S deliveries exceeded the 4,421 sales of GM's Chevy Volt plug-in hybrid and 3,695 deliveries of Nissan Motor Co.'s Leaf.
Edmunds says: Tesla Motors hits a major milestone for the company — and scores a major victory for electric cars in general.