Tesla share price up over 420 per cent in one year

Shares in Californian motor company Tesla rose over 14 per cent this afternoon to over 153 cents (around 99p) after the company reported forecast-beating second quarter results. This latest increase means share prices in the company are up over 420 per cent in just one year.

Tesla said its second quarter revenue was $405m, with earnings per share of 20 cents. This beat expectations of $387.9m revenue and 19 cents per share. The company said its production rate was up by a quarter to 500 cars per week, with 5,150 cars delivered in the quarter – beating the company’s own expectations for 4,500 deliveries.

The company has also made some significant cost reductions, including the redesign of a number of elements of the Model S.

For the third quarter, the company wants to deliver just over 5,000 Model S vehicles and has kept its full year target for 21,000 vehicles delivered worldwide. Around $150m is expected to be spent on capital expenditure in the second half of the year.

5 day share movement:

12 months to 7 August 2013: