Tesla on the Rise?
For the first time since its initial public offering in 2010, Tesla announced that it will close a quarter in the black. In stark contrast to 2012 Q4 in which Tesla lost $75 million, the electric car company shipped 250 cars more than it expected in 2013 Q1, helping generate a profit it will reveal in the coming weeks.
Despite a recent New York Times article that detailed an awful test drive of Tesla’s Model S Sedan, the company has seen a nice bump in share price over the last few weeks. No doubt, this is bolstered by the hope that the company’s ultra-luxury electric cars will finally gain traction in areas outside the San Francisco Bay Area. Tesla CEO Elon Musk also personally responded to the poor Times review, helping reassure investors that the $465 million loan from the federal government wasn’t a waste.
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Tesla has been making headlines for other reasons too. Notably, Elon Musk visited Texas to try to overturn legislation that currently bars the electric car maker from selling cars directly from its retail stores in the state. Tesla has also committed to a very unique advertising strategy—not spending a dime. Much of the publicity for the company comes directly from Musk’s activity on social media sites. While certainly unconventional, analysts are remarking that this tactic is largely working.
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