Tesla achieves profitability
Tesla, manufacturer of the exciting electric Roadster, has from Friday of last week achieved profitability for the first time.
The month of July saw the US company make $1 million in earnings on revenue of $20 million.
Tesla sold 109 Roadsters in July and the company has also reported a surge in new orders for its electric sports car.
“We achieved a bottom-line profitability thanks to a tremendous amount of hard work by the Tesla team to improve quality, while simultaneously reducing costs on the Roadster,” said Tesla CEO Elon Musk. “This also shows that there is strong demand for a car that is unique in offering high performance with a clean conscience. Moreover, customers know that in buying the Roadster they are helping fund development of our mass market electric cars.”
The company also revealed it is “deep into the development” of the production Model S, which is expected to arrive at US dealerships in late 2011 or early 2012.
The profitability announcement marks the latest milestone in a chain of positive news out of Tesla when in May the company took a $50 million investment from Mercedes parent Daimler. In June, Tesla received approval for $465 million in loans from the US Department of Energy to fund construction of its Model S production facility.
CarAdvice will keep you posted on all future developments from Tesla.
0
Video: ‘Top Gear Australia’ first preview and release date
