Shares of Tesla Motors (NASDAQ:TSLA) surged almost 6% in pre-market trading on Monday after the company said that better-than-forecast sales of its Model S will help it post the first quarterly profit in company history.
The electric car maker issued the upbeat guidance on Sunday, noting that it had sold more than 4,750 Model S vehicles. That topped its earlier prediction of 4,500 vehicle sales for the first quarter, CNN Money noted.
Over the past 31 months, Tesla has sold 10,000 electric cars around the world. The Model S, which debuted in 2009, didn’t reach customers until last year.
Tesla also announced that it is halting work on a smaller battery to power the Model S due to weak customer demand. The company will continue to use its existing battery, which has a significantly larger driving range.
Last month, Tesla announced that it had renegotiated the repayment of development loans from the U.S. Department of Energy and would finish paying back the government five years ahead of the original schedule.
The Model S was named Motor Trend‘s “Car of the Year” for 2013.