Tesla Motors Inc (TSLA) Q2: Income Up 70% And 5,150 Model S Cars Sold

Posted Aug 8, 2013

Tesla Motors Inc (NASDAQ:TSLA) has reported their Q2 2013 financials recently.  Tesla Motors Inc (NASDAQ:TSLA) has sold 5,150 Model S cars for Q2 2013.  The company’s net income is up 70%, compared to the previous quarter as the production rates rose.  Tesla Motors Inc (NASDAQ:TSLA) reported $26 million on $405 million in revenue.

Tesla Motors Inc (NASDAQ:TSLA) even started their deliveries outside North America earlier this week in Oslo.

Tesla Motors Inc (NASDAQ:TSLA) is hitting a gross margin of 22% on each car, compared to 17% in Q1 2013.  The current orders in Norway, Switzerland, and the Netherlands is estimating an annualized sale for the Model S to surpass 40,000 units per year by late 2014.  Tesla Motors Inc (NASDAQ:TSLA) said that their new financing plan was used in over 30% of the vehicles delivered from April to June.

Tesla Motors Inc (NASDAQ:TSLA) warned that they will see a hit because of changes in ZEV credit revenue and the sale of zero emission vehicle credit to other manufacturers.  Tesla Motors Inc (NASDAQ:TSLA) saw ZEV sales generate around $51 million compared to $68 million in Q1.

?R&D expenses are expected to increase significantly in Q3? stated Tesla.  The company plans to accelerate product development efforts on the Model X.  Tesla Motors will be expanding their factory.  Tesla Motors Inc (NASDAQ:TSLA) will be spending around $150 million to increase production and other capital expenditures.

Tesla Motors Inc (NASDAQ:TSLA) is expecting production to rise in Q3, especially in Europe.  Tesla Motors Inc (NASDAQ:TSLA) is expecting to deliver 21,000 cars this year with over 5,000 for Q3.

Later today Tesla Motors Inc (NASDAQ:TSLA) chief executive officer Elon Musk will be doing a Google+ Hangout with Richard Branson.  The Hangout will be starting at 9AM California time at this link.

Earlier this month, we reported that Tesla Motors Inc (NASDAQ:TSLA) has over 8% of the U.S. luxury car market.