DETROIT May 7 Tesla Motors Inc, led by
billionaire Elon Musk, on Wednesday posted a
higher-than-expected quarterly operating profit and the electric
car maker said its plans for a new battery plant are on track.
The company, maker of the Model S luxury electric sedan,
said the project to begin production of lithium-ion batteries at
the plant, dubbed the "gigafactory," is on course for 2017.
"We have not yet finalized the ultimate location for the
gigafactory and we are going to start work on at least two
locations in parallel in order to minimize risk of delays
arising after groundbreaking," Musk said in a letter to
shareholders posted online.
Excluding one-time items, Tesla reported a first-quarter
profit of 12 cents a share, two cents better than what analysts
polled by Thomson Reuters I/B/E/S had expected.
(Reporting by Ben Klayman in Detroit; Editing by Steve