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Tesla shares surged almost 30 percent in after-market trading in New York to as much as $72.99

Tesla Motors CEO Elon Musk was right: the company certainly is profitable now, and even managed to beat analysts' expectations.

For Q1 2013, Tesla reported a net income of $11.2 million, which was quite a jump from an $89.9 million loss in the year-ago quarter. Excluding certain items, Tesla's profit came in at 12 cents a share, which was a boost from a loss of 76 cents a share in Q1 2012. 

Analysts expected a profit of about 4 cents a share. 

"We exceeded our own targets for deliveries, significantly expanded gross margin, and improved execution throughout the company," said Tesla. "Excluding non-cash warrant and stock option items, we generated a profit of $15 million. Including those factors, our GAAP profit was $11 million. Importantly, we achieved profitability despite the benefit of a one-time accounting gain related to the DOE warrant.
"2013 is off to a strong start, and we look forward to seeing more of you on the road in a Model S this year."

Revenue also saw a huge year-over-year boost, totaling $562 million (up from $30.2 million in the year-ago quarter). 

Tesla had an operations loss of $5.58 million, down from $88.8 million in the year-ago quarter.

Tesla sold 4,900 Model S sedans in the first quarter, beating its previous projections of 4,500. Model S deliveries for the entire year should total 21,000, which slightly exceeds previous forecasts of about 20,000. 

The company said its sales of zero-emission vehicle credits to automakers totaled $68 million, or 12 percent of revenue for Q1 2013.

Just this week, it was reported that Tesla could receive $250 million in environmental credits from California alone this year. 

For Q2 2013, Tesla expects to build 5,000 Model S' and ship about 4,500 in North America (the rest are headed to Europe). 

"Operating expenses are expected to increase moderately in Q2," said Tesla. "R&D expenses are expected to increase slightly from Q1 as the pace of product development starts to pick up. SG&A expenses will continue to rise moderately, primarily due to the growth in our stores and service centers.
"We plan to spend about $200 million on capital expenditures in 2013, as we conclude the majority of our investment in the Tesla Factory and Model S tooling."

Tesla shares surged almost 30 percent in after-market trading in New York to as much as $72.99. 

In other Tesla-related news, the company hired Aston Martin's Chief Engineer of Vehicle Engineering Chris Porritt this week. He will now be Tesla's Vice President of Vehicle Engineering.
"Tesla is a hardcore technology company, which means that anyone leading a team of engineers must be an outstanding engineer themself, as well as a good leader," said Musk. "Chris demonstrated exactly that in his prior role at Aston Martin, creating in the One-77 what was arguably their best car ever."

Tesla has certainly come a long way from this time last year. After problems with Model S shipment delays, a run-in with a poor review from The New York Times, and a production delay announcement for the Model X, Tesla has now proved that nothing can hold it back. 

Tesla began shipping 500 Model S' a week in March, exceeding the sales outlook of 4,500 posted in the February shareholder letter. 

It later announced that the company would be able to pay off its $465 million government loan within five years, and that this current quarter would be its first profitable one. Clearly, the company was right. 
Tesla is looking to keep that momentum by any means necessary. The electric auto maker has worked hard to please customers with a new battery replacement program as well as new service programs, which feature valet for customers who need to send their Model S' to the shop -- and can even borrow (or later buy) a better Model S or Tesla Roadster as loaner vehicles. 

Tesla CEO Elon Musk has been fighting for a Texas electric vehicle sales bill (House Bill 3351) as well, which would allow distributors and manufacturers of electric vehicles only to sell directly to customers without the use of dealerships. Musk called this bill a matter of "life or death" for Tesla. 

Sources: Tesla Motors, Tesla Motors

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RE: Nonsense
By KFZ on 5/9/2013 3:13:44 PM , Rating: 1
Your argument immediately falls apart when you compare EVs to petroleum (as subsidies), a natural resource with all kinds of essential and useful purposes that make the modern world.

Your narrow-minded view of oil's purpose defies logic. This bitter rationale for pouring tons of public money into technology that can't be forced into market viability with relatively low appeal and a jocular ideal that the world will be free of dirty, greedy oil if we could just kick the addiction would be laughable if it weren't so pervasive and incessantly repeated.

The world depends on oil and would be crippled without it. The world does not depend on EVs. On top of a weak economy, struggling sectors and poor infrastructure, this is where we start re-budgeting.

RE: Nonsense
By lelias2k on 5/9/2013 5:28:35 PM , Rating: 2
a natural resource with all kinds of essential and useful purposes that make the modern world.

And all sorts of "side-effects" as a reward! :)

You are the narrow-minded one for thinking that our world depends on oil and would be crippled without it. Unless you are so short-sighted (selfish?) that you can only look into the period that encompasses your life time. Earth will hopefully move on from your passing, and it is our responsibility to leave a inhabitable planet to our descendants.

Economically speaking we do depend on oil, because it is cheap and all people care about is more money in their pockets. But most applications can be replaced by something else. And if they can't, it's just a matter of time.

Unless we keep bending over to the oil companies' agenda.

RE: Nonsense
By Reclaimer77 on 5/10/2013 9:07:06 AM , Rating: 2
Unless we keep bending over to the oil companies' agenda.

Their evil "agenda" is the same as Elon Musk's: To make money.

Oh the horror!

Go hug a tree stupid ass.

RE: Nonsense
By BRB29 on 5/11/2013 12:55:43 AM , Rating: 2
He is not narrow minded. That is forward thinking. He are currently almost completely dependent on oil. Our goal is not to be because we know that oil is finite. However, electricity can be generated in many ways.

The plan for transportation
1. Increase MPG(short term)
2. EV/Hydrogen/other tech(long term)

Of course we will still use oil even after we have converted 100% to EV. But by then, we would use significantly less oil that we can maintain for a long period of time without relying on OPEC's mercy.

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