Tesla to ship Model S electric vehicle in June image

Palo Alto-based Tesla Motors has announced that their long-awaited Model S sedan will be available to the market in June, earlier than expected.

Shares of Tesla shot up 8 percent in trading after the market. The stock closed at $30.06 on the Nasdaq.

Tesla plans to sell 5,000 Model S EVs and said the vehicle has been certified by the Environmental Protection Agency and California. The company also plans to sell Model S vehicles in Europe to corporate customers and has reached a deal to lease 150. The company already has more than 10,000 reservations for the Model S.

In a Q&A session in the earnings call, Tesla’s CEO Elon Musk confirmed with an analyst that shipments of the Model S in the first half of the year would be “in the tens.”

Musk also said that all of the first shipments would be for the Model S model with the largest battery pack that has a range of 300 miles (there are three versions).

During the quarter, Tesla delivered 99 Roadsters, the company’s electric sports car. Unit deliveries were up 10 percent from a year ago in Europe and Asia, combined. Total deliveries of the Roadster worldwide now exceed 2,250.
Tesla recorded a loss of $89.9 million, or 86 cents a share, compared with a year-earlier loss of $48.9 million, or 51 cents a share. Excluding stock-based compensation and change in fair value of warrant liability, Tesla’s per-share loss was 76 cents, compared with a year-earlier loss of 44 cents.