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By Catholic Online (NEWS CONSORTIUM)

4/1/2013 (2 years ago)

Catholic Online (www.catholic.org)

News comes amid reports that company will discontinue entry-level electric car

In an announcement that may give credence to the economic viability of the electric car, Tesla Motors is set to report its first profit ever. However - the news comes amidst the expected announcement that it intends to scrap it $50,000 entry-level Model S.

Tesla has decided to remain with the larger 60 kilowatt hour battery pack option, with a range is closer to 230 miles. That model sells for $62,400 after a $7,500 federal tax credit.

Tesla has decided to remain with the larger 60 kilowatt hour battery pack option, with a range is closer to 230 miles. That model sells for $62,400 after a $7,500 federal tax credit.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/1/2013 (2 years ago)

Published in Business & Economics

Keywords: Tesla Motors, electric cars, Model S, car of the Year, Motor Trends


LOS ANGELES, CA (Catholic Online) - The announcement about the just-ended first quarter pushed Tesla Motors shares nearly 16 percent higher.

"There have been many car startups over the past several decades, but profitability is what makes a company real," co-founder and CEO Elon Musk said in a statement. "Tesla is here to stay and keep fighting for the electric car revolution."

The company expected to sell 4,500 units of the Model S in the quarter. Sales surpassed the 4,750-unit mark recently. The company amended its first-quarter guidance in response.

Tesla Motors may have even bigger news in store later this week -- in a late night tweet, Musk alluded to an announcement this week that will be "arguably more important."

The profitable quarter would follow a disheartening final three months of 2012, when Tesla reported a $75 million loss. Tesla posted $306 million in sales.

The Model S is a full-size, four-door luxury sports sedan. It was unveiled in 2009, but did not become publicly available until last year. So far, the company has sold about 10,000 electric cars to customers in 31 countries.

The recent announcement also came with news that Tesla has decided to scrap production of its entry-level model, which sold for a base price of $59,900. It was equipped the smallest battery, a 40-kilowatt hour version that would deliver a range of 160 miles.

Tesla has decided to remain with the larger 60 kilowatt hour battery pack option, with a range is closer to 230 miles. That model sells for $62,400 after a $7,500 federal tax credit.

The company explained that only four percent of customers chose the version with the smaller battery, which is not enough to justify production.

Chief executive officer Musk also thanked customers for continued, "passionate support." Those that bought into the Model S in recent months did so even after the car received a scathing review from the New York Times, one that Tesla accused of being full of lies.

The car has won "Car of the Year" honors from both Motor Trend and Automobile Magazine.


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