Tesla has finally released its first quarter financial reports for 2013, and whilst Elon Musk had stated that it would be the company’s first profitable quarter, no one had quite expected just how profitable it might have been. Most analysts forecast an average of 4 cents per share but Tesla managed to earn three times this, generating a net income of just over $11 million.
The income was created through the sale and delivery of 4,900 electric cars during the quarter, a few more than the 400 they had anticipated in delivering. Demand for the year has now been predicted to be more than 15,000 in the US and 30,000 worldwide.
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Tesla’s model S had always been on the pricey side, making it only available to the top one million richest households in the US, however a new financial model has now made the vehicle a viable option to the top ten million wealthiest households. Tesla’s next model will be much more accessible to US citizens, costing around $30,000.
As well as more than exceeding expectations in terms of the number of sales and deliveries, Tesla has managed to increase profit margins by reducing the number of hours it takes to build a Model S by nearly 40%.
Traders showed their approval of the news as Tesla’s stock value jumped over 20%, giving it a market cap value of $7.7 billion, a 100% increase from this time last year.