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Tesla Motors Inc (TSLA) Expected To Post Its First Ever Profit

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Tesla Motors Inc (NASDAQ:TSLA) has claimed to outperform its sales target in the first quarter of fiscal 2013, by selling 4,750 Model S electric cars. The total number of cars sold is 250 above the preset target of the company.

The company has, further, stated that the number could reach up to 20,000 vehicles this year if the sales are maintained at these current levels.

Tesla Motors Inc (TSLA) Expected To Post Its First Ever Profit

Further, Tesla Motors Inc (NASDAQ:TSLA) will now not sell the 40kWh version of the car because this entry level-car has not garner much demand. The Model S with a 40-kilowatt hour version would deliver a range of 160 miles. The company will make the larger 60 kilowatt hour battery pack option available, which has a range of approximately 230 miles.

“There have been many car startups over the past several decades, but profitability is what makes a company real,” co-founder and CEO Elon Musk said in a late Sunday statement. “Tesla is here to stay and keep fighting for the electric car revolution.”

CEO Musk thanked customers for their “passionate support.” Although the reviews were not good and the New York Times even accused Tesla Motors Inc (NASDAQ:TSLA) of being full of lies, the car was received well elsewhere and won “car of the Year” honours from Motor Trend and Automobile Magazine.

Motor Trend claimed that Tesla is one of the finest cars it has ever tested with an average of 74.5 miles per gallon during ordinary street driving. The Car can pick the speed of 0 to 60 miles an hour in just 4 seconds according to the test.

The magazine further went on to say that the Tesla Model S is as smooth and effortless as Rolce Royce. It can drive swiftly and can carry passenger and Cargo up to the level of a SUV. The car can carry up to seven people after fixing an optional pair of rear facing child seat.

The electric motors of the car are the reason behind its strong and quiet performance, and the car’s interior is very spacious due to the flexibility in its design.

In previous year, the last three months of the company were not profitable when the company posted a $75 million loss. The company recorded $306 million in sales. Tesla Motors Inc (NASDAQ:TSLA) launched its Model S car in 2009, which is a full size, four door luxury sports sedan. The entry model of the car is sold at $59,900.

In the pre-market trading, Tesla shares were up more than 5 percent.

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