San Carlos, California – Electric vehicle manufacturer Tesla Motors has announced it has achieved overall corporate profitability, earning approximately US$1 million on revenue of $20 million. The announcement marks a significant milestone for the company.

Tesla said that profitability was primarily achieved from improved gross margin on the Roadster 2, the second iteration of its sports car. The company shipped a record 109 vehicles in July and enjoyed a surge in new Roadster purchases. In the third quarter, the privately-held company will make significant deliveries to European customers.

The Roadster is the only highway-capable electric vehicle for sale in North America or Europe. It has an estimated range of 244 miles (392 km) on a charge; Tesla said it is faster than a Porsche and twice as energy-efficient as a Toyota Prius. The Roadster 2 includes enhancements such as a more powerful climate control system, more comfortable seats, and a more luxurious dashboard and cabin.

Tesla sells cars online and at showrooms in California, New York City, Seattle and London. This summer, it is expanding to Toronto, Munich, Monaco, Chicago, South Florida, and Washington, D.C.

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