• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 4 hours How Is Greenland Dealing With Climate Change?
  • 1 hour China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 12 hours "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 5 hours How Much Oil Does Aramco Have?
  • 3 hours Venezuela continues to sink in misery
  • 17 hours BofA Sees Oil at $35-70
  • 1 day Solid-State Batteries
  • 10 hours Spy&State: Huawei Founder Says Firm Does Not Spy For China
  • 1 hour Socialists want to exorcise the O&G demon by 2030
  • 16 hours China's Exports Shrink Most In Two Years, Raising Risks To Global Economy
  • 11 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.
  • 23 hours protests in Canada over pipeline
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 18 hours Bolsonaro Wins in Brazil
Oil Markets Could See Deficit In 2019

Oil Markets Could See Deficit In 2019

The OPEC+ cuts and slowing…

Tesla’s First Quarter Results Amaze the Market

Tesla has finally released its first quarter financial reports for 2013, and whilst Elon Musk had stated that it would be the company’s first profitable quarter, no one had quite expected just how profitable it might have been. Most analysts forecast an average of 4 cents per share but Tesla managed to earn three times this, generating a net income of just over $11 million.

The income was created through the sale and delivery of 4,900 electric cars during the quarter, a few more than the 400 they had anticipated in delivering. Demand for the year has now been predicted to be more than 15,000 in the US and 30,000 worldwide.

Related articles: Another EV Bites the Dust

Tesla’s model S had always been on the pricey side, making it only available to the top one million richest households in the US, however a new financial model has now made the vehicle a viable option to the top ten million wealthiest households. Tesla’s next model will be much more accessible to US citizens, costing around $30,000.

As well as more than exceeding expectations in terms of the number of sales and deliveries, Tesla has managed to increase profit margins by reducing the number of hours it takes to build a Model S by nearly 40%.

Traders showed their approval of the news as Tesla’s stock value jumped over 20%, giving it a market cap value of $7.7 billion, a 100% increase from this time last year.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • fauowl on May 10 2013 said:
    What major CPA firm stuck their necks out on these financial statements?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News