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Tesla Makes First Profit: $11M in Q1 2013


Tesla has formally announced its first quarter 2013 results, reaching profitability for the first time in the American electric automaker’s 10-year history.

According to the report, Tesla generated a profit of $15 million excluding non-cash warrant and stock option items. Its GAAP profit was $11 million, and a total of 4,900 vehicles were delivered in the first quarter of 2013.

SEE ALSO: Tesla Talking with Google About Autopilot Systems

The numbers are impressive for the electric automaker, with record sales of $562 million, up 83 percent from last quarter. Over 5,000 Model S cars were produced during the first quarter, undoubtedly contributing to the successful sales figures. The automaker recognized 4,900 units as revenue and exceeded its Q1 guidance of 4,500.

Looking into the future, Tesla hopes to build 5,000 Model S vehicles in the second quarter with some being exported to Europe starting in Q3. North America will see around 4,500 Model S vehicles delivered in Q2 while the automaker ramps up production in hopes of exceeding 20,000 deliveries by year’s end.

Discuss this story at Tesla-Buzz.com

By Jason Siu

Top 10 Most Fuel Efficient Luxury Cars

10. (TIE) 3-Series Hybrid, Mercedes E400 Hybrid, Infiniti M35h, Buick LaCrosse/Regal eAssist: 29 mpg

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Who is to say that luxury car buyers aren’t affected by high gas prices? If you want to drive in comfort, style, and have the latest high tech goodies in a car, you shouldn’t have to pay more at the pump for it. Here are our picks for the top 10 most fuel friendly luxury cars, ranked in order of their combined city/highway mpg numbers.

Quite a few luxury cars hit the 29 mpg mark combined. The most impressive of the bunch is the Buick LaCrosse, which manage to get solid fuel economy, despite its bigger size. The Infiniti, Mercedes and BMW vehicles make do with a high-power pairing of a six-cylinder engine and an electric motor, which gives the end result of over 300-hp.

The Buicks use a mild hybrid system called eAssist which pairs a 2.4L four-cylinder engine with a conventional automatic, and a compact lithium ion battery to get its impressive fuel economy numbers.

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By Sami Haj-Assaad

Tesla Roadster Buyback Program Launched

Early adopters of the Tesla Roadster who may now be eyeing the American automaker’s more practical Model S can now trade in their convertible sports car towards a new sedan.

Tesla will buyback old Roadsters from current owners and resell them at its own stores, giving others an opportunity to own the electric convertible. Only 2,500 Roadsters were made since it first hit the market in 2008 and used ones will be much cheaper than the original $109,000 price.

The trade-in value for the Roadster will be based on its condition after the automaker takes a detailed look at the used vehicle. Though Tesla hasn’t released what it expects to buy back the vehicles for, it did estimate that a 2010 Roadster with around 2,900 miles will be resold for $93,500; while a 2008 model with 31,000 miles will be around $73,300.

Even better news though is that some Roadster owners may actually get money back if their vehicle is valued higher than the Model S they’re opting for.

“Someone who couldn’t reach all the way to a Roadster before, now may be able to get one at a lower price,” said Tom vonReichbauer, Tesla’s director of finance. “We’re able to set what I think are pretty competitive prices for these cars.”

[Source: SF Gate]

By Jason Siu

Tesla Model S Resale Value to be Industry’s Best, Says CEO Musk


Last month, Tesla made a splash by offering a resale value guarantee on the Model S, stating it would be higher than that of a Mercedes-Benz S-Class. However, Tesla is upping the ante by offering the best resale value of almost any luxury auto maker.

Buyers of the Tesla Model S will now be guaranteed that their car’s resale value will be higher than that of BMW, Audi, Mercedes, Lexus or Jaguar. Residual value is expected to be at least 50 percent over 36 months.

Tesla CEO Elon Musk made the announcement in a conference call today and acknowledged criticisms of last month’s announcement regarding the brand’s somewhat creative finance calculator.

“We appreciate the feedback from a number of journalists and customers that the first version of our financing product wasn’t quite right,” said Musk. “They were right, so we are fixing it and, moreover, upping the ante by providing the best resale value guarantee in the automotive industry. The Model S is rated by Motor Trend, Automobile Magazine and many others as the best car of 2013, so it should naturally therefore have the highest resale value.”

This change will be applied retroactively to anyone who is financing the Model S, from when the guarantee was first put in place back on April 2nd. Tesla also announced that longer financing terms will also be available for buyers. Financing terms have been extended to 72 months to pay off a Model S.

Discuss this story at Tesla-Buzz.com

By Sami Haj-Assaad