Tesla Motors' Model S rated "99% perfect" by
Consumer Reports, company has first profitable quarter, stock soars
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Some stock traders' shorts may be getting a little tight... ~~~~~~~~~~~~~~~~~~~~~~~~ Tesla earns first profit, Model S wins '99% perfect' rating Wall Street brokers left facing financial hole By Iain Thomson in San Francisco • 9th May 2013 The stock of space-faring Elon Musk's more down-to-earth business of selling Tesla electric cars is heading skywards after the company reported its first-ever profit and saw its Model S sedan get a stonking 99 per cent approval rating from the testers at Consumer Reports. Tesla's stock is currently up over 25 per cent after the company's quarterly results showed it turned a $11.2m profit after losing $89.9m the same quarter last year; revenues were up to $561.8 million from $30.2 million over the same period. Margins on the car are rising monthly, and Musk said should hit 25 per cent by the end of the year. The company spent $200m in capital expenditures (aka capex) in the last three months. Nearly 5,000 cars were sold in the quarter, and Tesla said sales are expected to go over 20,000 by the end of the year, with a predicted annual demand of 30,000 cars a year. Tesla's Model S is now the top selling US electric car, ahead of GM's Chevy Volt and Nissan's Leaf. Cars are also being shipped to customers in Europe. ~~~~~ CONTINUE AT: ~~~~~ http://www.theregister.co.uk/2013/05/09/tesla_first_profit_consumer_results_record/ |
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