Tesla posts $11.2 million net profit in first quarter 2013

Article by Anita Panait, on May 9, 2013

Tesla Motors Inc. posted $11.2 million in net income for the first quarter of 2013, its first ever quarterly profit. This is in contrast to the $89.9 million net loss reported in the same period in 2012. Excluding some items, Tesla’s profit was 12 cents per share in the first three months of 2013, compared with a loss of 76 cents per share in the same period last year.

It was also enough to surpass the 4 cents-a-share profit average estimate of 10 analysts surveyed by Bloomberg. The carmaker logged a huge jump in first-quarter revenue from $30.2 million in 2012 to $561.8 million.

The huge jump is attributable to strong sales of the Tesla Model S in the period, at around 4,900 units. It surpassed the company’s forecast of 4,500 for the first three months of 2013. The feat prompted Tesla to update its 2013 full-year sales forecast to reflect an increase to 21,000 Model S deliveries from 20,000.

In a statement, Tesla Chief Executive Elon Musk and Chief Financial Officer Deepak Ahuja remarked that they exceeded their own target for deliveries, adding that "2013 is off to a strong start." Tesla has been counting on the Model S to provide it with its first profit.

A large part of the Tesla’s revenues in the first quarter came from $68 million in zero-emission vehicle credits sold to other carmakers. Without those credits, the carmaker would have logged $57 million in net losses for the first quarter of the year. During a conference call, Musk discounted the ZEV credits as a one-time gain, saying that they will drop to nearly zero by yearend as market demand for the credits becomes saturated by the end of the third quarter.

Topics: tesla, profit

If you liked the article, share on:

Pin It

Comments

Recommended

It’s quite safe to say that this generation marks the rise of the electric cars. For the past few years, automakers have been very busy trying to find the perfect...
by - March 28, 2017
Want to go for a sportier look, but don’t have enough cash to burn? Good news for future Ford Edge buyers, as the 2018 model year will have an optional...
by - March 28, 2017
Audi refreshes its portfolio as its go-faster division officially announces the release of six new RS models by the end of 2018. That’s quite a huge number of cars to...
by - March 28, 2017
Has Toyota started the production of a new electric supercharger? Well, a patent that was recently published indicated that they might have. And this electric supercharger looks more durable and...
by - March 27, 2017
The Tesla Model S has finally arrived in South Korean soil and is now available for test drive. But, there’s a catch. You’ll have to wait several months if you...
by - March 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries