Tesla Makes First Profit: $11M in Q1 2013
Tesla has formally announced its first quarter 2013 results, reaching profitability for the first time in the American electric automaker’s 10-year history.
According to the report, Tesla generated a profit of $15 million excluding non-cash warrant and stock option items. Its GAAP profit was $11 million, and a total of 4,900 vehicles were delivered in the first quarter of 2013.
The numbers are impressive for the electric automaker, with record sales of $562 million, up 83 percent from last quarter. Over 5,000 Model S cars were produced during the first quarter, undoubtedly contributing to the successful sales figures. The automaker recognized 4,900 units as revenue and exceeded its Q1 guidance of 4,500.
Looking into the future, Tesla hopes to build 5,000 Model S vehicles in the second quarter with some being exported to Europe starting in Q3. North America will see around 4,500 Model S vehicles delivered in Q2 while the automaker ramps up production in hopes of exceeding 20,000 deliveries by year’s end.
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By Jason Siu