Tesla Motors announces first ever profit

<p>Tesla made money for the first time in ten years.</p>

Tesla Motors has confirmed it made a profit in the first three months of the year for the first time in its ten-year history.

The company made $15 million (£9.65 million) in the first quarter of the year, which was mostly thanks to sales of its Model S electric sedan.

It was also revealed by the firm that its total revenues for the period between January and March hit $562 million, which is a massive rise on the $30 million figure that was reported a year ago.

Tesla stated it is currently receiving 20,000 orders a year for the Model S electric sedan, while Tesla's chief executive Elon Musk has recently been suggesting the price of the firm's cars could be brought down to make them more affordable.

Shares in Tesla rose by 17 per cent in after-hours trading on the back of the profits news.

Its stocks will open at 55.79 on the Nasdaq later today (May 9th) and the firm's record high of 62.37 may be broken during trading.

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