Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Electric roadster maker making money

Tesla turns profit in July for the first time, after shipping a record 109 vehicles.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Julianne Pepitone, CNNMoney.com contributing writer

Tesla Roadster
When do you think the economy will improve?
  • Next year
  • Over the next few months
  • Not for at least a year
  • It's already on the mend

NEW YORK (CNNMoney.com) -- Tesla Motors turned profitable for the first time in July, when the electric car manufacturer shipped a record 109 vehicles, the company said Friday.

A surge in sales and reduced manufacturing costs of Tesla's Roadster 2 sports car helped boost the company to $1 million in earnings and $20 million in revenue.

"There is strong demand for a car that is unique in offering high performance with a clean conscience," said Tesla Chief Executive Elon Musk, in a prepared statement. "Customers know that in buying the Roadster they are helping fund development of our mass market electric cars."

The Roadster has a range of about 244 miles per charge -- the first production electric vehicle to cross the 200-mile mark, according to the press release.

The Roadster is the only highway-capable electric vehicle for sale in North America or Europe, and the company says it is faster than a Porsche and twice as energy-efficient as a Toyota Prius.

In June, privately owned Tesla borrowed $465 million from the Department of Energy to fund development of an all-electric sedan called the Model S -- slated to sell for $49,900, or about half the price of the Roadster.

Tesla has also partnered with Daimler to develop an electric version of mini vehicles called Smart cars. The company said it plans to launch a test fleet of 1,000 electric Smart cars in late 2009.  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Black Friday 2015 in pictures Shoppers around the country braved the crowds to get their hands on the best Black Friday deals. More
Driving the ultimate in '50s Mercedes-Benz style The SC was the car that re-introduced Mercedes-Benz as a global luxury car icon. More
Driving the world's first car Driving a replica of the 1886 Benz Patent Motorwagen, the first internal combustion automobile. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play