Tesla Motors Stock Flys High After Second Quarter Results

Posted by at 2:03 pm on August 8, 2013

Tesla Motors

Tesla Motors stock continued to climb Thursday after the automaker beat analysts’ expectations for the second quarter.

The stock has climbed more than 20%, to about $155. That pushed Tesla’s market capitalization to about $18 billion.
On Wednesday, the Palo Alto company reported an operating profit of $26 million, excluding one-time expenses, and ended the quarter with nearly $750 million in cash and no government debt.

The automaker posted an overall $30.5-million loss in the second quarter – a fraction of the $105.6-million loss from the same quarter last year, when it was beginning production of its all-electric Model S. Prices for the luxury sedan start at $69,900 before the $7,500 federal tax credit, and can rise to more than $100,000 with modifications.

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