Tesla Motors will announce its first quarterly profit, it has been reported. The news saw its share price rise yesterday, valuing the company at more than $5bn.
Last year the firm launched its second model, the Model S. In the first quarter of the year, it had delivered 4750 units to customers, around 250 ahead of its forecast. The success of the electric four-door saloon means Tesla expects to report a profit for the first time.
According to the FT, Wall Street analysts had predicted a loss of seven cents a share.
Tesla has also announced it will focus on more upscale variants of the Tesla Model S. It has dropped the entry-level version of the car, equipped with a 40kWh battery as it represented just four per cent of sales.
The Wall Street Journal reports Tesla will honour sales of the 40kWh model by providing a 60kWh version with software limiting the battery's output to the lower level, although it will remove the restriction upon request.
Customers ordering a 60kWh Model S now will get the technology required for the cars to charge using the firm’s Supercharger solar powered charging network. The feature was previously an option on 60kWh models, but standard on 85kWh versions.