PALO ALTO, Calif. — Tesla Motors, makers of the world’s first all-electric luxury sedan —the Tesla Model S — said March 31 it will turn a profit for the first quarter of 2013.
Tesla Model S all-electric luxury sedan belonging to Northern California's Angel Worldwide Transportation.
According to a report from GigaOM.com, Tesla sold a total of 4,750 Model S units in the 1Q, a 250-unit increase from the company’s estimate of 4,500.
This caused the automaker’s stock to hit $46.18 as of 8:20 a.m. PST on Monday, April 1, a 22% bump from its opening price.
As of April 3, 1:05 ET, Tesla's stock price is at $41.05.
Tesla CEO Elon Musk said in a statement: “There have been many car startups over the past several decades, but profitability is what makes a company real. Tesla is here to stay and keep fighting for the electric car revolution.”
Tesla Motors will not produce its small-battery pack option for the Model S due to lack of demand, according to the Silicon Valley Business Journal. Customers who ordered the 40kWh battery pack will receive the 60kWh battery pack instead.
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GigaOM story here.
Silicon Valley Business Journal story here.
Source: GigaOM; Silicon Valley Business Journal