Tesla reports first-ever quarterly profit
The automaker generated a record-breaking $562 million in revenues during the first quarter of 2013.
Tesla Motors has reported a net profit of $15 million for the first quarter of 2013. This marks the California-based company's first profit in its ten-year history.
Tesla generated a record-breaking $562 million in revenues during the first four months of 2013, an 83 percent increase over the fourth quarter of 2012. Tesla CEO Elon Musk explained in a letter to shareholders that the profit is partly attributed to higher-than-expected sales in the United States. During Q1, Tesla sold 4,900 Model S sedans, up from an estimated 4,500.
Musk also explained that the firm was able to save money by streamlining its production process and increasing its productivity. The time required to build a Model S dropped by 40 percent from December of 2012 to March of 2013.
Tesla also made money by supplying Toyota with the drivetrain and battery packs for its RAV4 EV, and it earned almost $7 million by helping Mercedes-Benz develop the B-Class Electric Drive.
Finally, the young automaker made $68 million, or 12 percent of revenues, by selling zero emission credits to other automakers.
Tesla shares rose by 13 percent in after-hours trading following the announcement.