Tesla Motors Now Profitable, Drops 40 kWh Model S Battery Option
April 1, 2013 10:02 AM
Tesla said only 5 percent of customers chose the small battery option of 40 kWh, which is not enough to enter it into production
Tesla Motors may not have had the easiest time with its Model S sedan, the vehicle has
exceeded sales targets
and the company is now profitable.
Tesla announced today that Model S sales reached 4,750, exceeding the sales outlook of 4,500 posted in the February shareholder letter.
This has led to a change in Tesla's first quarter guidance, where the company has announced full profitability in both GAAP and non-GAAP.
"I am incredibly proud of the Tesla team for their outstanding work. There have been many car startups over the past several decades, but profitability is what makes a company real. Tesla is here to stay and keep fighting for the electric car revolution," said Elon Musk, Tesla Motors co-founder and CEO. "I would also like to thank our customers for their passionate support of the company and the car. Without them, we would not be here."
Tesla Model S
Tesla made another Model S announcement today regarding the battery pack. According to the automaker, only 5 percent of customers chose the small battery option of 40 kWh, which is not enough to enter it into production.
Hence, these customers will receive the 60 kWh version that has been “software limited” to 40 kWh. While capacity will be limited to 40 kWh, customers will still be able to take advantage of the quicker acceleration and higher top speed afforded by the larger battery pack.
In addition, Tesla said all 60 kWh vehicles have been built with Supercharger hardware included, meaning that customers can drive longer distances by stopping at a
Supercharger recharging station
Tesla encountered some rough patches earlier this year, such as when a journalist from
The New York Times
took a test drive this winter and reported
a horrific venture
. More specifically, he said that the Model S didn't have the range Tesla said it did, and ended up on a flatbed truck at the end of the trip. Musk and the NYT journalist (John Broder)
ended up feuding
over the matter, with most people siding with Musk.
Tesla also recently announced that there would be a delay to production of
the Model X
. Tesla had hoped to begin production of the vehicle this year, but those plans have been put off until late 2014 (meaning deliveries will likely be pushed to 2015).
However, Tesla also has much to celebrate. Not only is the Model S taking off and the company is now profitable, but it recently announced that it will be able to
pay off its $465 million government loan
within five years.
Just last month, Tesla said it was shipping
over 500 Model S EVs
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