Tesla Motors Reports Higher-Than-Expected Q4 Earnings, Slims Loss
February 19, 2014 7:46 PM
Tesla is getting ready to ramp up Model S production for increased vehicle sales as well
Tesla Motors' financial earnings report for the fourth quarter 2013 was music to investors' ears as its loss shrank significantly and profits beat expectations.
The Wall Street Journal
, Tesla reported a profit of $46 million (33 cents a share), which beat analyst forecasts of 21 cents a share.
Tesla's fourth-quarter loss decreased to $16.2 million, which is much slimmer than the $90 million loss a year earlier.
More good news is that Tesla's vehicle sales rose to $610.9 million from $294.4 million a year ago. The Palo Alto, California automaker said it delivered 6,900 Model S electric cars globally in Q4.
Tesla sees Model S deliveries increasing to 7,400 in the first quarter, and hitting 35,000 total for 2014. This represents a 55 percent increase from 2013's overall sales.
Helping sales is that production will ramp up to 1,000 vehicles a week this year compared to 600 a week right now, and sales will soon move into Europe and Japan as well.
Like a boss. [SOURCE: Green Optimistic]
The Model S will be sold in China starting next month, and while Tesla isn't eligible for EV subsidies due to it being an import, Tesla sees the lower-than-expected EV subsidiary cuts as a good sign for green vehicle adoption in the country. China’s finance ministry said that subsidies would only be cut 5 percent this year, as opposed to 10 percent. In 2015, subsidies will be cut by another 10 percent as opposed to a previously planned 20 percent.
Fourth-quarter gross margin was at 25 percent, but the automaker predicts that it will reach 28 percent for 2014.
The pleasing financials sent Tesla shares up as much as 14 percent in aftermarket trading.
Tesla has proven time and time again that being the small guy in the auto race doesn't mean coming in last. In May 2013, Tesla repaid its $465 million loan from the U.S. Department of Energy (DOE)
nine years earlier
than expected from the original 2022 due date.
Last month, the automaker addressed a huge anxiety for potential EV drivers: electric range. It announced that Model S drivers could now
drive from coast to coast
without any doubt that they can find a Supercharger plenty of places in between.
Tesla is even trying to fight auto dealers around the U.S. in order to sell its Model S on its own without any middlemen. Tesla CEO Elon Musk said he'd make the fight a federal case if he had to.
“We do believe we have a moral responsibility to keep porn off the iPhone.” -- Steve Jobs
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