Tesla turns a $15 million profit in Q1 2013 on $562 million in revenue (update)
Despite a bit of bad press for its Model S and a less-than-ideal close to the 2012 financial year, things have been looking up for Tesla. Sales are on an upward climb, company CEO Elon Musk has sworn to deliver more superchargers, better service for customers and continues to tout his EV's high resale value. After promising in Q4 of 2012 that Tesla would turn a profit the next quarter, the EV manufacturer has done so -- generating $15 million in net income and $562 million in revenue in Q1 2013.
During the first quarter the company built 5,000 Model S cars, and is scheduled to build the same number in Q2 to keep pace with the 20,000 orders expected this year. To better service all those vehicles, Tesla opened 12 new service locations in Q1, with 18 more to come online by the end of 2013. Additionally, the company plans to start deliveries of Teslas in Europe in Q3. An investor call with Mr. Musk will be starting shortly, and we'll update things here should he have any other news to share.
Update: During the call, Musk said that the company plans to build upon its newfound financial success by continuing to focus on increasing production efficiency for the Model S -- which is why the Model X has been delayed until late 2014. He also made mention of the fact that roughly half the folks buying the 60 kWh Model S are upgrading to supercharging hardware at purchase (85kWh cars have it standard), and he expects that number to grow as the Supercharger network grows in 2013.
