Forget clunkers: Tesla profitable for July
As Eric Schofield over at TechCrunch reports, Silicon Valley electric car manufacturer Tesla has turned its first profit, a feat forecast in a blog post by CEO Elon Musk last month. July also saw the opening of a Tesla dealership in Manhattan, to go along with its expanding roster of outlets in major US cities and Europe.
Tesla sold 109 of its roadsters in July, good for $20 million in revenue and $1 million in profit. The company reported that, though it received a $465 million government loan in June, the profits didn't come as a result of those funds. That money, a spokesperson said, would be used to help production of its upcoming Model S, the four-door sedan unveiled to much ballyhoo in May on David Letterman's "Late Show."
As we told you back in June, Tesla's profits are a result not only of selling more units – including its higher-margin Roadster Sport – but of streamlining production and reducing associated costs.