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Tesla Motors announces that it’s finally profitable

No foolin’—Tesla Motors says it’s now in the black. Since its initial public offering in 2010, the company has yet to turn a profit. But as of this writing, Tesla’s stock price is up nearly 20 percent. It’s currently hovering around $45 per share, which helped lead to this 2013 Q1 of profit. By comparison, Tesla lost $75 million in the fourth-quarter of 2012.

Despite its recent dust-up with the New York Times, Tesla Motors told investors and the Securities and Exchange Commission that it sold about 250 more cars than the company had expected—more than 4,750 in total. As a result, “Tesla is amending its Q1 guidance to full profitability.” Tesla did not say precisely how much it had made, but the company will likely announce its first-quarter 2013 earnings next month.

Tesla also said that the “small battery option” on the Model S won’t actual enter production. Rather than produce a 40kWh battery pack (only selected by four percent of customers), the company will actually get a 60kWh battery, which will be “software-limited to 40 kWh.”


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