Tesla Says It Is Now Profitable, Ships 109 Roadsters In July

[Sgent]

Source: TechCrunch

Silicon Valley’s electric car company, Tesla Motors, says that it hit profitability in July. The private company reports that it made “approximately $1 million of earnings” on revenues of $20 million, and that it shipped 109 Roadsters, its $109,000 all-electric sports car. The revenues reflect GAAP accounting standards and are only for the month of July.

Founder and CEO Elon Musk predicted in June that the company would soon hit profitability at the end of a lengthy blog post dealing primarily with a lawsuit brought on by Tesla’s ousted co-founder Martin Eberhard. In June, Tesla was also awarded a $465 million loan from the Department of Energy, which will help it manufacture its more reasonably priced Modern S sedan.

The $20 million in revenues and $1 million in profits do not reflect any proceeds from that loan, the company tells us.

Read more: http://www.techcrunch.com/2009/08/07/tesla-says-it-is-now-profitable-ships-109-roadsters-in-july/

---

Wow... I'm anxious to see the sedan

[flvegan]

1. Excellent. Good for them.

[UndertheOcean]

2. 109,000 ? damn, too pricey

[ingac70]

3. I would hope so after that Gov't cash.

http://cbs5.com/business/tesla.car.loan.2.1056340.html

[bvar22]

4. Do the "turn in a clunker" coupons....

...work if you get a Tesla?

[RUMMYisFROSTED]

11. Then it's only $104,500.

:rofl:

[harun]

5. So some people have bought these and are driving them?

[Sgent]

6. Apparently

they sold 109 last month. Not a big issue for the GM's of the world, but huge for them.

[RaRa]

9. I drove behind one a few weeks ago

in Saint Charles, IL. Very sharp - the plates read something like "NOCO2"

[Romulox]

12. Apparently the driver was ignorant of where electricity comes from... nt

[byronius]

7. More more more. Tesla rocks.

[DCKit]

8. Great news. Last I heard, they were skirting bankruptcy. n/t

[Deja Q]

10. Good news. A pity silicon valley lobbists whine government is stifling their innovation...

http://blogs.zdnet.com/Foremski/?p=673

Sorry for the half-tangent.

[Romulox]

13. LOL. It only took a half a billion dollar government bailout to produce a $1 million "profit", huh?

Next, tell me about how the US taxpayer has "profited" from the TARP. :rofl:

[Sgent]

14. Huh?

The loan doesn't effect profit one way or another (other than the interest on it decreasing profit).

[Romulox]

15. Being saved from the precipice of bankruptcy "doesn't effect (sic) profit"?

I'm always amazed at the bizarre logic on display here at DU. :shrug:

[Sgent]

17. Not accounting profits

It can compromise the ongoing concern principle of accounting, but it has no relevance on net income.

[Romulox]

19. Only in the world of "pro forma" accounting does an infusion of half a billion dollars

(which is needed to cover day to day operations) at below-market rates by the Federal Government, thereby avoiding a possible liquidation or reorganization, have "no relevance on net income".

Plainly, the bailout is indeed "relevant" to Tesla's continuing existence, and continuing existence is a prerequisite to earning profit. :hi:

[RexDart]

16. Video test drive of theTelsa Roadster.

Recently, I've stumbled across an BBC car show on youtube called Top Gear. Well done and fun to watch and informative as well. This segment has the TR and the Lotus it was based on.



This is the later segment that was mentioned, the Honda FCX Clarity


I'll also recommend their "killing a Toyota" series.

Unless I break down and by that Studebaker I've always wanted, my 2001 Accord will most likely by my last full internal combustion car. I'm looking forward to the Tesla Sedan, but the FCX looks pretty sweet as well. I guess I'll find out in another 10 years, after I drive that accordion into the ground.

Edited for spelling.

[and-justice-for-all]

18. This auto is great...can not afford it, but it still rocks..nt