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Tesla Posts Its First Profit
Electric vehicle maker Tesla Motors Inc. netted $11 million in the first quarter of this year compared with a $90 million loss in the same period of 2012.
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Electric vehicle maker Tesla Motors Inc. netted $11 million in the first quarter of this year compared with a $90 million loss in the same period of 2012.
Revenue grew to $562 million from $30 million a year earlier, boosted by deliveries of 4,900 units of its Model S electric sedan.
Tesla says 12% of its quarterly revenue $68 million came from peddling zero-emission vehicle credits to other automakers. The company expects sales of ZEV credits to wind down by September.
As production climbed 80% in the January-March period, Tesla shrank the time needed to build a car by 40% and cut raw materials costs by 26%, according to Musk. He adds, "We are starting to get the hang of things."
The company doubled its gross margin quarter over quarter to 18% and aims to increase it to 25% by the fourth quarter. Tesla also hiked its full-year sales goal by 1,000 units to 21,000 vehicles.
The company expects to post a net loss in the current quarter because of higher R&D spending and the expense of expanding its distribution network in Asia, Europe and the U.S.
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