Tesla Motors Inc (NASDAQ:TSLA) has raised $1 billion in new capital after selling more shares in the company. Tesla plans to use the new capital to pay off a $452.4 million federal loan. After that, the company will have around $678.8 million in cash and cash equivalents with long term debt of $600 million, according to a company filing.
I believe that it is fair to say that Tesla is having a great month. Recently Tesla Motors Inc (NASDAQ:TSLA) reported their first profitable quarter in their 10 year history. Consumer Reports also reported the Model S as being the best car they’ve every tested. And now there is a report that the Model S had a better sales quarter than their gas-powered German rivals.
Tesla Motors Inc (NASDAQ:TSLA) has reported their first profitable quarter today in their 10 year history. The company’s sales grew to $562 million, up 83% from the previous quarter. The company lost $89.9 million last quarter, but this quarter was $11.2 million in profit. Under GAAP reporting rules, the company’s EPS were 0 cents excluding a one-time gain.
Tesla Motors CEO Elon Musk recently announced that the company will be making changes to the financing strategy for the Model S vehicle. The changes were made in response to criticisms that the initial plan overestimated potential cost savings. Going forward, the Model S will have the highest resale value guarantee than any other premium sedan on the market “made in volume.”
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Tesla Motors has announced a new financing option for consumers that want to get their hands on a Model S vehicle in the terms of a lease. The lease is based on three years. Monthly payments after fuel savings costs and other maintenance will be around $500 or less.
Tesla Motors announced earlier this week that the sales of the Model S has exceeded expectations compared to the target that was provided in the mid-February shareholder letter. The sales of the Model S exceeded 4,750 units versus the 4,500 unit outlook from earlier. Tesla is now going to amend their Q1 guidance to full profitability, both GAAP and non-GAAP.
Tesla Motors has revealed in an annual report to the SEC that they are delaying the Model X electric crossover until late 2014. The reason for the delay is because the company wants to pay back the loan to the U.S. Energy Department five years ahead of schedule. They also want to focus more on Model S.
Tesla Motors has released their financial statement for Q4 2012. The company announced that revenue for the fourth quarter jumped 500% to $306 million. The company saw a GAAP net loss of $90 million for the quarter. The company has total liabilities of $989.5 million including $452.3 million in debt. The company sold 2,400 Model S sedans for the fourth quarter and made $12.7 million principal payment on their Department of Energy loan schedule.
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