Tesla turns first profit in its 10-year history

"We're profitable in Q1 despite spending quite a lot."Tesla estimated that it would ship another 5,000 cars in the second quarter of the year, and that more than 15,000 vehicles in the US, and more than 21,000 worldwide, would be shipped this year overall. Musk said he also wants to open up 15 more Tesla galleries around the world before the end of 2013. By the end of Q1, Tesla had opened 34 galleries and 41 service locations. Model X production is still on pace to begin in late 2014. This year, Tesla expects to spend about another $200 million building up its business, with most of that going toward boosting the company's manufacturing capabilities for the Model S, and expanding its retail and service network. Musk noted that it should be able to pull all this off without the need for more government loans or investor money. "We don't have any plans right now to raise funding," he said. "It's always possible that we could be opportunistic about raising a round. But we've spent no time on that at all."

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