Electric results for Tesla as sales of Model S car hit record high
ELECTRIC car firm Tesla yesterday revealed a gross profit of $156.59m (£93.68m) in the final quarter of last year, more than six times higher than the same period in 2012.
Total revenues also doubled over the year, expanding from $306.32m in the final quarter of 2012 to $615.22m in the three months to December 2013.
The group trumpeted record transactions and deliveries of its Model S hatchback cars, with 6,892 sales during the fourth quarter. Tesla also expects a surge in sales of the same vehicle model in the year ahead, projecting 35,000 sales, a 55 per cent increase on 2013. This spring, the first Model S cars are set to be exported to China.
The firm’s share price had dropped on the Nasdaq during normal trading hours yesterday, down by 4.94 per cent, but surged in after-hours trading, rising by more than 14 per cent after the results were revealed.
The results cap a strong year for Tesla under CEO and chief product designer Elon Musk, with gross profit exploding from only $30.07m in 2012 to $456.26m last year and revenue from car sales soaring to hit just below $2bn in 2013.