Electric car makers Telsa zooms to profits

Who ever said that electric cars will never make it big, think again. The electric car makers Tesla Motors zoomed to profits for the first time this July. These proud manufacturers of the Roadster, the electric sports car that is faster than a Porsche and boasts a range of 244 miles between charges, said that it delivered profits of $1m (£600,000) on sales of $20m last month. This is the result of the 109 Roadsters being shipped in July. The company also indicated that the profits were recorded independently of the $465m in low-interest loans that Tesla was recently awarded by the US government and has been earmarked for the development of the Model S – an electric Sedan that the firm is positioning as an affordable mainstream alternative to the Roadster.

According to Tesla chief executive and product architect Elon Musk hailed the financial performance as further evidence of the expanding market for electric vehicles. He also said ” There is strong demand for a car that is unique in offering high performance with a clean conscience,”. This news completes a remarkable turnaround for the company, which late last year was the subjected to rumors that it was facing potentially life threatening cash flow issues. Since then the company has made a ground braking recovery, securing more than $40m in fresh funding, inking a partnership with Daimler to co-develop an electric version of its Smart car, shipping a new version of the Tesla, and pressing ahead with plans for the Model S.