Tesla Motors Sees Profits, Rising Stocks

Tesla Model S all-electric luxury sedan belonging to Northern California's Angel Worldwide Transportation.

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.

Related: Tesla Model S Arrives In Southern California Limo Fleet

Related: SF Bay Area Operation Adds Tesla Model S To Fleet

Related: Tesla Model S Outsprints Dodge Viper SRT10

GigaOM story here.

Silicon Valley Business Journal story here.

Source: GigaOM; Silicon Valley Business Journal