Tesla Says It Turned Profitable as Model S Sales Beat Forecast
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Tesla Motors Inc., the electric carmaker headed by billionaire Elon Musk, said it turned profitable in the first quarter, citing higher-than-estimated sales of its Model S sedan.
Tesla reached “full profitability” as Model S sales were more than 250 units higher than the 4,500 that the company estimated in mid-February, the automaker said in a statement yesterday, without specifying the profit figure. The average analyst estimate compiled by Bloomberg calls for a loss of 11 cents a share, excluding some items.