The electric car manufacturer's increased first quarter profits were fueled in part by zero-emission vehicle credit sales to other car makers. They were also boosted by more efficient manufacturing. With the right financing, the company predicts its Model S electric car could now be accessible to 10 million American households.
Tesla Motors Inc reported its first-ever profit that trounced Wall Street estimates on Wednesday and forecast global demand for its Model S electric car could surpass 30,000 vehicles a year.
Tesla reported adjusted earnings of 12 cents per share, triple the 4 cents per share expected by analysts, on average, according to Thomson Reuters I/B/E/S. The first-quarter results sent shares up 17 percent in after-hours trading.
Tesla now expects to deliver 21,000 Model S cars worldwide, up 5 percent from its earlier target of 20,000. But Tesla said it was already receiving orders for the Model S at a rate of more than 20,000 per year.
""There's potential for next year a fairly significant increase in volume as we really test the depth of the demand that's out there," Chief Executive Elon Musk said. "It's probably quite a bit higher than we had originally thought."
More than one million people visit Tesla's stores every quarter, executives said.