Tesla's (TSLA) Model S Named Motor Trend 2013 'Car of Year'

On the heels of strong Q1 earnings yesterday, Telsa (Nasdaq: TSLA) pleased investors when it receive favorable publicity by earnings Motor Trend's 2013 "Car of the Year". Not only did the Model S take the top spot, Motor Trend scored the vehicle 99 out of 100 and said it performed better or as good overall as any car it has ever tested. The last vehicle to rank that high was Toyata's LS460L, which earned a comparable score in 2007.

Jake Fisher, Consumer Reports' director of automotive testing, said, "It accelerates, handles and brakes like a sports car, it has the ride and quietness of a luxury car and is far more energy efficient than the best hybrid cars."

The news helped lift shares of Tesla in pre-market trading on Thursday. Shares opened higher by around 25%. Much of the gain was tied to Telsa's profitable Q1, which beat estimates on the top and bottom line. Tesla also said it expects to deliver 21,000 of its Model S in 2013, ahead of estimates for 20,000. Learning the Model S won Car of the Year was icing on the cake for investors.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Nvidia pitches Vera CPU to Chinese clients with August delivery target
• Sharon AI surges premarket; New Oriental gains, Medline slips
• Macquarie sees diverging EV trends in US, Europe and China