How Tesla finally turned a profit

California's zero emissions vehicle credits certainly came in handy

Tesla
(Image credit: Miguel Villagran/Getty Images)

After 10 years in the red, electric car company Tesla Motors made good on last month's promise and reported $11 million in net income for the first quarter of 2013 — Tesla's first profit ever. By contrast, this time last year Tesla was reporting a $90 million quarterly loss.

Overall, total revenue shot up to $562 million, an 83 percent rise from the first quarter last year. Adjusted earnings clocked in at 12 cents per share this quarter — crushing Wall Street's expectations of 4 cents.

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Carmel Lobello is the business editor at TheWeek.com. Previously, she was an editor at DeathandTaxesMag.com.