Tesla Motors’ stunning first-quarter profits have “altered the competitive landscape of the fledgling electric car market,” according to a report in the Detroit Free Press a couple of days ago.
“Not only did its $11-million first-quarter profit shatter the assumption that no automaker can make money selling small numbers of plug-in cars, it posted a 17 percent gross profit margin, using American workers, in an industry where 10 percent is considered outstanding,” according to the story.
The company sold 4,900 of its stylish and speedy electric cars over the first three months of the year compared with 4,244 Chevrolet Volts and 3,539 Nissan Leafs over the same period.
“How far can Tesla go? As far as they want to go,” according to an industry analyst quoted in the story.
While we wish Teslas were made here in Michigan, we’re glad to see that there’s money to be made, and U.S. jobs to be had, in this growing industry.