Electric luxury car company Tesla Motors Inc. (NASDAQ: TSLA) said its sales were well ahead of schedule, and it revised earnings estimates higher.
There has been a great deal of skepticism about whether any significant market for these cars exists. Electric cars in general have sold poorly. Tesla cars are expensive, and there are worries that their batteries do not hold enough of a charge for more than modest length trips.
The company announced:
Tesla Motors announced today that sales of its Model S vehicle exceeded the target provided in the mid February shareholder letter. As customers who note their Model S serial number this weekend will realize, vehicle deliveries (sales) exceeded 4,750 units vs. the 4,500 unit prior outlook. As a result, Tesla is amending its Q1 guidance to full profitability, both GAAP and non-GAAP.
“I am incredibly proud of the Tesla team for their outstanding work. There have been many car startups over the past several decades, but profitability is what makes a company real. Tesla is here to stay and keep fighting for the electric car revolution,” said Elon Musk, Tesla Motors co-founder and CEO. “I would also like to thank our customers for their passionate support of the company and the car. Without them, we would not be here.”
It is hard to make the case that 4,750 sales is at all impressive.
See also: Tesla’s Awful Sales News
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