Tesla: Electric Car Sales Spark First Profit

Accelerating demand has helped US electric car-maker Tesla make its first quarterly profit, sparking a surge in its share price.

Ten-year-old Tesla Motors surprised the market on Wednesday night when it confirmed earnings of $15m (£9.6m) in its first quarter, having delivered nearly 5,000 Model S electric cars during the first three months of the year.

The Californian company, led by billionaire Elon Musk, said it expects to deliver 21,000 Model S cars worldwide, up 5% from its earlier target of 20,000, and said global demand might soon surpass 30,000 vehicles a year.

Mr Musk said: "There's potential for next year a fairly significant increase in volume as we really test the depth of the demand that's out there.

"It's probably quite a bit higher than we had originally thought."

Tesla also reported higher-than-expected revenue of $562m (£361m) after selling 4,900 cars in the first quarter.

The results sent Tesla shares up 17% to $65.50 in after-hours trading on the Nasdaq.

The Model S, a  four-door fastback sports sedan, is Tesla's second model after the more expensive Roadster and represents the company's effort to reach a broader group of buyers.

Bringing down the cost of its vehicles has been the issue Mr Musk has previously pledged to address - a strategy that has helped improve share values by two-thirds this year.

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