Following wider losses during the third quarter of 2012, electric vehicle maker Tesla Motors appears to be on its way to profitability. Telsa founder and CEO Elon Musk revealed via his personal Twitter account that the electric vehicle maker cracked into the black last week.
“Am happy to report that Tesla was narrowly cash flow positive last week,” Musk Tweeted. “Continued improvement expected through year end.”
Tesla lost $110.8 million during the third quarter, which was a significant setback from the $65.1 million the company lost during the same period of 2011. However, most of that $110.8 million loss was related to the production ramp up of the company's first volume-intent model, the Model S sedan.
Tesla has so far only sold about 250 units of the Model S, but hopes deliver a total of 3,000 units of the electric sedan by the end of 2012. Tesla has previously stated that it has taken more than 13,000 reservations for the Model S.
Tesla will raise the price of the Model S by $2,500 effective January 1, which should help line the automaker's pockets.