(April 1, 2013) Tesla Motors, the electric luxury carmaker headed by billionaire Elon Musk, said it turned profitable in the first quarter, citing higher-than-expected sales of its Model S sedan. The Model S several months ago was named MotorTrend 2013 Car of the Year.

Tesla reached “full profitability” as Model S sales were more than 250 units higher than the 4,500 that the company estimated in mid-February, the automaker said in a statement Sunday.

The revised estimates are separate from the “really exciting” announcement that Musk alluded to in a Twitter post last week, Tesla said. That disclosure will be made April 2, according to Tesla.

Tesla has forecast deliveries of the battery-powered Model S will rise to a record 20,000 in 2013.

Tesla stock closed last week at $37.89 a share. The stock has gained 12 percent this year.

Source: Bloomberg News