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Tesla posts first quarterly profit, surpassing Chevy Volt sales | Detroit Free Press | freep.com

Tesla, the maker of electric cars run by billionaire Elon Musk, posted its first quarterly profit in its 10-year history as sales of its battery-powered Model S sedans surpassed those of General Motors’ Chevrolet Volt.

First-quarter net income totaled $11.2 million, reversing a loss of $89.9 million a year earlier, Palo Alto, Calif.-based Tesla said. Excluding some items, the profit was 12 cents a share, compared with a year-earlier loss of 76 cents. The average estimate of 10 analysts surveyed by Bloomberg News was for a profit of 4 cents.

Revenue grew from $30.2 million last year to $561.8 million in the first quarter of 2013.

More http://www.freep.com/article/20130508/BUSINESS0104/305080148/tesla-profit-chevrolet-volt-nissan-leaf

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