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Tesla announces profit in quarter one

2013 has already been unlucky for one electric carmaker - with CODA slipping into bankruptcy (see article). So it will be reassuring for the market to read about the success of Tesla Motors: which has enjoyed a profit during the first quarter of the year.

The company has exceeded its delivery targets while expanding its gross margin. Indeed ignoring stock option items and non-cash warrant, the company generated a profit of $15million: including a GAAP profit of $11million. Indeed its profitability is despite a one-time accounting gain related to a warrant from the US Department of Energy.

TeslaModelSWhite

Total revenues for the company rose by 83 per cent compared to the final quarter of 2012: hitting a record $562million. This was primarily due to deliveries of the new Tesla Model S (pictured); as well as its supply of battery packs and electric powertrains to Toyota for its RAV4 EV programme. Tesla has also completed a number of deliverables to Mercedes-Benz for its B-Class EV programme.

Compared to the prior quarter, its total gross margin leapt from eight per cent to 17 per cent thanks largely to a faster production rate for the Model S. It also benefited from zero emission vehicle credits being sold to other companies: helping Tesla source $68million in revenue.

Going forward, Tesla is hopeful of building around 5,000 Model S vehicles during the second quarter of the year: with some expected to be delivered across Europe as early as quarter three. Overall, it hopes to deliver more than 4,500 vehicles during the second quarter and so has raised its guidance for the year to 21,000 vehicles.

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Paul Lucas

Filed under: Latest News, Green cars, Tesla Motors

2 comments

Chris

As an owner of a limo company I am keeping an eye on the evolution of electric cars. It seems they just about to hit the sweet spot in terms of usability for transportation services. Shifting an entire fleet of vehicles towards electric and eco-friendly cars is a big decision to make. As of now, cab companies started investing in Tesla in the NY area. I'm curious how this will work out, but I look forward to seeing Tesla as the new livery vehicle, especially with fantastic consumer reports coming in.
Christopher, Stretch Limousine, Inc. http://stretchlimochicago.com/

Chris

As an owner of a limo company I am keeping an eye on the evolution of electric cars. It seems they just about to hit the sweet spot in terms of usability for transportation services. Shifting an entire fleet of vehicles towards electric and eco-friendly cars is a big decision to make. As of now, cab companies started investing in Tesla in the NY area. I'm curious how this will work out, but I look forward to seeing Tesla as the new livery vehicle, especially with fantastic consumer reports coming in.
Christopher, Stretch Limousine, Inc. http://stretchlimochicago.com/

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