Premium electric car maker Tesla Motors announced Friday that it achieved achieved overall corporate profitability in July with approximately $1 million of earnings on revenue of $20 million.
Tesla said profitability arose primarily from improved gross margin on the
Roadster 2, the second iteration of Tesla’s all-electric sports car. The company is currently developing the all-electric Model S sedan and opening regional sales and service centers.
Tesla sells cars online and at showrooms in California, New York City, Seattle and London. Tesla is
expanding its network of showrooms this summer with stores in Chicago,
South Florida, Washington DC, Toronto, Munich and Monaco.
Tesla shipped a record 109 vehicles in July and enjoyed a surge in new Roadster purchases.
The Roadster is currently the only highway-capable electric vehicle for sale in North America or Europe. It’s the first production EV to travel more than 200 miles per charge and the first US- and EU-certified Lithium-Ion battery electric vehicle. The vehicle has an estimated range of 244 miles per charge and zero tailpipe emissions.
Last month, Tesla announced Roadster financing through Bank of America.
In June, Tesla won Department of Energy approval for $465 million in low-interest loans to build a production facility in California for the Model S sedan. The vehicle is expect to have a base price of $49,900, roughly half the price of the Roadster.
In addition to the Model S program, Tesla is jointly developing an electric version of the popular Smart car with Daimler. The first of an initial test fleet of 1,000 electric Smart cars are expected to be on the road in late 2009.
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