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Innovation Agents

Tesla Motors Turns A Profit For The First Time

After 10 long years without making a buck, Elon Musk's firm made $11 million in the first quarter of 2013.

Elon Musk breathed a sigh of relief last night as Tesla Motors posted its first-ever profit. The automotive firm made $11 million in the first quarter of 2013, and the serial entrepreneur behind SpaceX tweeted the news, thanking his investors and customers for their patience.

The writing was on the wall last month for a change in Tesla's fortunes after its Model S beat sales expectations. A total of 4,900 cars were sold in Q1 2013, but the firm's goal is to shift 45,000 vehicles yearly, 15,000 in the U.S. and 30,000 around the world.

[Image by Flickr user exfordy]