Still a Small Company, But Unlike Other Automakers, It's Making Money
The cynics reading this headline probably thought something like: "Yeah, sure, the $465 million loan from the Department of Energy didn't hurt!" But Tesla says that their newfound profitability has been reached without taking that money into account (it will be used to build the lower-cost Model S electric sedan factory). So how much is Tesla making? Revenues? Profits? Don't expect huge numbers...
The company's press release claims that Tesla "achieved overall corporate profitability with approximately $1 million of earnings on revenue of $20 million."
This isn't bad considering the state of the world economy (pretty much all auto makers are in pain). The electric Roadster is still finding takers, with a record 109 shipments in July, and more expected as Tesla keeps opening new stores and expanding into Europe.
"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 and Product Architect 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."
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