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Tesla Motors posts profit for first time

Tesla Model S electric sedan, shown in 2012.
Tesla Model S electric sedan, shown in 2012.

Tesla Motors Inc. posted its first quarterly net profit since it was founded a decade ago. The Palo Alto, Calif.-based company, which makes electric vehicles, reported first-quarter net income of $11.2 million, or 10 cents per share, compared with a loss of 86 cents per share in the same period a year earlier. The company said it exceeded its targets for deliveries, expanded its gross margin, and improved execution. In the first quarter, Tesla said it produced 400 or more Model S vehicles per week for a total of more than 5,000. It had originally expected to produce 4,500.