Tesla Motors Posts Surprise Profit, Beats Model S Sales Goal for Second Quarter
August 7, 2013 8:02 PM
Tesla shares jumped up to $153 in after-hours trading
Tesla Motors saw a successful second quarter with more Model S sales than expected and even surprised Wall Street with an adjusted profit.
For Q2 2013, Tesla reported a loss of $30.5 million (26 cents a share), which was much narrower than the $105.6 million ($1 a share) loss in the year-ago quarter. The automaker had an adjusted profit of 22 cents, which beat expectations of a non-GAAP loss of 17 cents. In the year-ago quarter, Tesla reported a profit loss of 89 cents.
Revenue jumped to $405.1 million compared to just $26.7 million in the year-ago quarter. Analysts expected a revenue of $383 million for Q2 2013.
Helping to boost Q2 figures was better-than-expected Model S sales. For the quarter, Tesla reported 5,150 Model S electric sedan deliveries -- which beat the automaker's expectation of 4,500 deliveries.
Also notable is that Tesla's production rate increased 25 percent to almost 500 vehicles per week (up from 400 previously). Tesla sold 10,500 Model S sedans in the first six months of 2013 and plans to reach a rate of 40,000 annually by late 2014.
For the third quarter, Tesla expects to deliver slightly over 5,000 Model S' and a total of 21,000 worldwide for the whole year.
Tesla shares jumped up to $153 in after-hours trading, which is a 14 percent boost from its Wednesday close at $134.
, Tesla reported a net income of $11.2 million (a huge increase 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. Revenue also saw a huge year-over-year boost, totaling $562 million (up from $30.2 million in the year-ago quarter).
Tesla has become quite a hero in the auto industry. In May, 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.
This was mainly due to its decision to issue more stock the week before. Tesla said it wanted to sell about $830 million in shares, and use $450 million in convertible senior notes (which are due in 2018) along with sales of 2.7 million shares (valued at about $229 million at the time) to pay back its federal loan. This is an especially crucial detail in Tesla's history, considering other plug-in hybrid electric automaker Fisker Automotive (which also received a DOE loan) has
More recently, Tesla has had a few other victories, such as a win in the
battle against auto dealers
when a North Carolina House committee denied a bill that would block Tesla from being able to sell its vehicles directly to the public.
Tesla has also started showing off new tech that could transform the electric auto industry. In June, Tesla unveiled a convenient alternative to waiting for a Model S to charge --
. The idea behind battery swapping is to easily open the car chassis to pull the battery out and replace it with a fully charged one. This saves the driver from having to wait for their battery to charge before traveling.
After that, Tesla Chief Technology Officer JB Straubel said that the automaker is working on a charging system that would get drivers out of the Supercharger stations and back on the road with a full charge
in just 5 minutes
The Wall Street Journal
“So far we have not seen a single Android device that does not infringe on our patents." -- Microsoft General Counsel Brad Smith
Tesla Building Tech to Fully Charge EVs in Just 5 Minutes
July 17, 2013, 1:44 PM
Tesla Motors Successfully Fights Off Auto Dealership Assault in North Carolina
June 27, 2013, 2:36 PM
Tesla to Show Off EV Battery Swap Tech This Week
June 18, 2013, 10:34 AM
The Fall of Fisker Automotive: A $35,000 Loss on Each Karma, Lavish Spending and Misinformation
June 17, 2013, 5:03 PM
Tesla Repays $465 Million DOE Loan 9 Years Early
May 22, 2013, 10:20 PM
Tesla will announce electric lorry in September
April 19, 2017, 6:20 AM
Dubai announces passenger drone plans.
February 14, 2017, 7:56 AM
Lucky LA Residence
January 28, 2017, 4:00 AM
Debuted at CES 2017 - Corning Gorilla Glass Concept Car
January 7, 2017, 3:02 AM
Happy, healthy and feastive New Year to you and everyone in the world that about to celebrate the Season Holidays
January 1, 2017, 12:01 AM
In 2017, Here are the New Autos of 2018
December 30, 2016, 5:00 AM
Most Popular Articles
Surface Pro 5 Rumors - New Release Date and Price
April 22, 2017, 6:45 AM
Motorola Moto G5 Pus – Well Worth Considering Over the Others
April 25, 2017, 7:06 AM
HTC’s newest phone – HTC U 11 coming May 16th
April 24, 2017, 7:21 AM
Apple Watch NikeLab Limited Edition unveiled.
April 22, 2017, 6:20 AM
Meet the Smartphone with four cameras - Alcatel Flashphone
April 5, 2017, 11:20 AM
Latest Blog Posts
Galaxy Note 8 – Available Second Half 2017
Apr 28, 2017, 7:30 AM
Google Android App – Huge improvement on Nighttime Photography
Apr 27, 2017, 7:40 AM
Google Co-Founder, Sergey Brin has an Airship
Apr 26, 2017, 6:43 AM
Samsung Galaxy S8 and S8 Plus – Lots of Glass that Breaks Easily
Apr 25, 2017, 7:20 AM
Samsung Galaxy S8 – Warning for Pet Owners
Apr 24, 2017, 5:59 AM
Sound Bars and the Costs?
Apr 23, 2017, 6:30 AM
Link your Brain to Your Computer – In Four Years…Maybe
Apr 22, 2017, 7:03 AM
Google Home can now identify users by their voice.
Apr 21, 2017, 7:15 AM
Amazon Lex – Now Available for Developers.
Apr 20, 2017, 6:58 AM
You can now use Instagram offline on your Android Smartphone
Apr 19, 2017, 8:00 AM
Now you can livestream to YouTube from your mobile device.
Apr 18, 2017, 8:05 AM
Google Home – Is It a Spy Device?
Apr 17, 2017, 7:30 AM
Apple added to self –driving test permit list
Apr 15, 2017, 6:21 AM
Project Scorpio – Coming on June 11
Apr 14, 2017, 6:20 AM
Looks Like Samsung Has Been Forgiven.
Apr 13, 2017, 6:50 AM
United Airlines - Blasted on China’s Social Network and the Stock Market
Apr 12, 2017, 6:50 AM
Amazon's Third-Party Sellers Hacked
Apr 11, 2017, 6:25 AM
Microsoft Surface Pro5 Details Revealed
Apr 9, 2017, 6:41 AM
Own An Android Phone? Then you could be hacked over Wi-FI
Apr 7, 2017, 6:47 AM
Apple confirms iOS 10.3 bug and its effect on iCloud Services
Apr 6, 2017, 6:30 AM
Apple Rolls Out New Version of Apple Music
Apr 5, 2017, 10:35 AM
Apple in the News
Apr 4, 2017, 9:03 AM
More Blog Posts
Copyright 2017 DailyTech LLC. -
Terms, Conditions & Privacy Information