Some unexpected good news about Tesla Motors sent the price of its stock surging Wednesday in after-hours trading by 13 percent.

Tesla Motors saw a Q2 loss of $30.5 million, but that is much better than the loss of $105.6 million seen during Q2 of 2012.

Revenue in the recent quarter increased to $405.1 million from $26.7 million in the prior year. 


Image via Shutterstock

Analysts cited by FactSet (News - Alert) had expected $386.9 million in sales, according to MarketWatch. There were also record sales of the Model S hatchback. Q2 operating profit was $26 million, which was more than analysts had predicted. That is a 70-percent jump from Q1.

What’s more, Tesla has close to $750 million in cash and no government loans to pay.

"Our financial position and balance sheet have never been stronger," Tesla CEO Elon Musk said in a letter that was distributed to the company’s shareholders.

"Tesla is no DeLorean," Thilo Koslowski, an analyst at Gartner (News - Alert), told The Los Angeles Times. "This is not going to be a one-day wonder. They are doing everything right. Tesla is razor-sharp focused on its execution."

Tesla’s electric sedan starts at $63,570 and costs more than $100,000 if a larger battery is included.

"Tesla continues to prove that there is a market for electric vehicles among luxury buyers," Alec Gutierrez, an analyst at Kelley Blue Book, told the LA Times. "As the electric vehicle manufacturer achieves economies of scale, and battery costs continue to come down, expect to see profitability improve."

In other news, Tesla will start building the Model X, an electric SUV, next year, with mass production scheduled for 2015.

Meanwhile, the company reported record sales of 5,150 Model S vehicles in North America. More than 13,000 Model S cars are now on the road in North America.