Reuters: Global Markets: Tesla says Model S sales higher than expected

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Tesla says Model S sales higher than expected Apr 1st 2013, 13:04 Tweet Share this Email Print Related News KB Home to ramp up growth amid strong housing recovery Thu, Mar 21 2013 Related Topics Hot Stocks » Asian Markets » The logo for Tesla Motors is shown at the company headquarters in San Carlos, California June 30, 2008. Credit: Reuters/Robert Galbraith Mon Apr 1, 2013 9:04am EDT (Reuters) - Electric-car maker Tesla Motors Inc (TSLA.O) said it expects to report a first-quarter profit on both a net and adjusted basis following stronger-than-expected sales of its Model S sedan, sending its shares up 12 percent in premarket trading. Model S sales exceeded 4,750 units in the quarter, higher than the 4,500 Tesla had forecast, the company said on Monday. Tesla said in January that it would be profitable in the first quarter when expenses related to non-cash options and warrants were excluded. The company also said the small battery option for the Model S would not enter production due to low demand. The car maker, founded by Elon Musk, went public in 2010 and since then has narrowed its losses as production of the Model S sedan ramped up late last year. Tesla shares were trading at $42.31 in premarket, up from Thursday's close of $37.89. (This story corrects the sixth paragraph to say the previous close was on Thursday, not Friday) (Reporting by Prateek Chatterjee in Bangalore; Editing by Saumyadeb Chakrabarty) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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