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 sold 4,900 Model S electric sedans in the first quarter, which is up from the 4,500 forecast. The company’s worldwide orders are now averaging around 22,000 per year. The company does not report their monthly U.S. sales figures.
The company has 34 stores and galleries around the world. They are planning to launch 15 more this year. Tesla is going to build around 5,000 Model S vehicles in the current quarter and will deliver “slightly over 4,500” in North America. Tesla raised their forecast form 20,000 deliveries to 21,000.
Tesla said that the time required to build a Model S has been cut 40% from the end of last year to the end of the first quarter. Unit production for the vehicle is up 80%. Tesla cut raw material costs by 26%, which contributed to $30 million in cash.
Tesla founder Elon Musk recently said that he will guarantee the resale value of Teslas and it will cover anything that goes wrong with the battery pack assuming that the owner did not tamper with it deliberately.