Luxury electric-car maker Tesla Motors reported a profit for the first quarter of 2013, the first profitable quarter since the maker of $70,000 EVs went public in 2010. Shares of the car company were up at much as 22% after the announcement.
With a backlog of 15,000 vehicles, Tesla said that it delivered more than 4,750 units in the quarter that ended March 30th. This was more than the 4,500 it expected to ship. Tesla is trying to do something no other U.S. car startup has done since Chrysler in 1925: become a successful car maker.
In other signs of financial progress, Tesla announced that it shortened its $465 million loan term by nearly five years. Additionally, the company used its green business to bring in $40.5 million by selling pollution tax credits to other automakers. Should the company continue to sell its cars well this year, more credits would be generated that could help out earnings. Let’s hope the good news continues.