For the first time in the young company's history, Tesla Motors has turned a profit. Thanks to healthy sales of the second generation Roadster, the company made $1 million in earnings on $20 million in revenue in July.
The new Roadster Sport, which just began shipping in late June, is an amped up version of the original and sells for $128,500 compared to $109,000 for the standard Roadster. Sales of the more-expensive new model made up the bulk of the company's earnings in July. The $465 million in government funds they recently received were not included in their earnings calculations.
Although this is exciting news for Tesla, and electric cars in general, it's only a fleeting success. The company didn't expect to turn a profit this year and doesn't expect to do it again anytime soon. It will now start concentrating on developing the Model S and investing heavily in that project.
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