Tesla Q4 Profits Exceed Expectations, Losses Shrink
Tesla reported its 2013 fourth quarter financial results, revealing higher than expected profits and strong sales. The company also divulged future plans. The California-based EV automaker reported a quarterly net income of $46 million, excluding one-time items. This is 33 cents per share, above original estimates of 21 cents a share. Tesla's losses decreased to $16.2 million from $90 million a year earlier. Part of the company's success can be attributed to growing sales. Tesla announced it sold 6,892 Model S cars last quarter and 22,477 for the year. The company is seeking to deliver over 35,000 Model S cars this year, up 55 percent from 2013. Next year, it also hopes to expand production capacity for the Model S, complete development for the new Model X SUV, and start early design work on a third-generation car. It is also looking to eventually develop a mega-factory for batteries, helping to reduce costs. On the news of Tesla's financial results, Tesla shares rose 11.8 percent to $216.41. This surge came after Tesla shares hit an all-time high a day earlier when the San Francisco Chronicle reported Tesla CEO Elon Musk has spoken with Apple's head of mergers and acquisitions. Source: Tesla, Reuters
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