Electric car maker Tesla posts first profit

Tesla Motors said Wednesday it posted its first-ever quarterly profit as the electric carmaker beat its own forecasts and surprised market analysts. The California-based firm said it earned a profit of $11 million in the first quarter as revenues rose 83 percent from the prior quarter to $562 million. "Tesla reached profitability in the first quarter of 2013 for the first time in our 10-year history," a company statement said. "We exceeded our own targets for deliveries, significantly expanded gross margin, and improved execution throughout the company." The statement said "we consistently produced 400 or more Model S vehicles per week, for a total of over 5,000 during the quarter" and counted revenues from vehicles. Tesla cited "strong global demand for Model S" saying it is "currently receiving orders at a rate greater than 20,000 per year worldwide" and noted that it seen "significant upside potential in Europe and Asia." Tesla conducted an initial public offering in 2011, raising $226 million. The first model, the Tesla Roadster, cost more than $100,000 and can go nearly 250 miles (400 kilometers) on a single charge. It later launched the Model S, starting at $49,900, but with financing, tax incentives and resale guarantees aimed at winning over consumers. Tesla also provides electric powertrains and other equipment to carmakers including Toyota and Mercedes-Benz.