Electric car maker Tesla posted a profit for the first time in its 10-year history.
The performance stood in stark contrast to the troubles of Fisker Automotive, which planned to build a mid-sized hybrid sedan at the former Boxwood plant west of Wilmington. Fisker has laid off most employees.
Like Tesla, Fisker used a federal loan, but plans to pay off the obligation early. Delaware also lent Fisker $20 million.
In a letter to shareholders, CEO Elon Musk said the California company posted $15 million in net income as vehicle production rose above 5,000.
Musk told shareholders that the company continues to work to make the electric vehicle technology more affordable with attractive financing.
“Working with US Bank and Wells Fargo, we are able to offer many customers the ability to buy a Model S with no money down (net of reimbursement from federal & state incentives) and an effective cost as low as $580 per month, taking into account savings from not using gasoline. When purchased for business use, the depreciation benefit reduces the effective monthly cost even further to as low as $350,” Musk wrote.
The company plans to produce another model that be even more affordable, Musk wrote.
Tesla recently received a highly favorite rating from Consumer Reports magazine, a sharp contrast to the magazine’s report on the Fisker Karma luxury sedan.
Click on the link below to read the full letter.
I think history will revael that Elon Musk’s contribution to the EV industry may be as significant as Steve Jobs’ contribution to the computer, music, and cell phone industries.Steve Jobs, by refusing to settle and demanding perfection, pushed the competition in the computer and cell phone industries to places they might not have gone had Apple not existed.Elon Musk is doing the same thing. By insisting on building EV’s that don’t fall short of expectations, and have the range and performance that consumers want, Tesla is proving that EV’s can be built without settling for less, forcing the main stream automakers to keep up, or stay home.Tesla products may not be priced where we want, but the same could be said for Apple products.The answer is not No .The answer is Yes. Here is the price