Elon Musk Reports Tesla Now In the Black
Tesla Motors, the electric-car manufacturer launched by billionaire entrepreneur Elon Musk, may finally be on the way to turning a profit. In a message posted to Twitter on Monday, company CEO Musk said that, “Tesla was narrowly cash flow positive last week. Continued improvement expected through year end.”
If true, the message is good news for Tesla, which has heretofore struggled to turn a profit despite receiving millions of dollars in private funding, as well as a $465 million loan from the Department of Energy. For the third quarter of 2012, Tesla reported a net loss of $111 million. However, the company predicts a positive operating margin of about 12 percent by the end of 2012.
Tesla sold 2400 copies of its first car, the Lotus Elise-based Roadster, and is now ramping up production of the Model S luxury sedan. We named the Tesla Model S our 2013 Automobile Of The Year, and our colleagues at Motor Trend concurred by naming named it Car Of The Year.
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