Tesla Expects its First-ever Profit

on April 01, 2013 at 12:00 PM

Tesla Motors is expecting to report its first-ever quarterly profit after sales of its all-electric Model S exceeded expectations.

The announcement about the just-ended first quarter pushed Tesla (TSLA) shares up more than 5% in premarket trading.

“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.”