It may just be that the “S” stands for spectacular. Tesla’s Model S reached new bounds by receiving a score of 99 out of 100 from Consumer Reports, which tied for the highest score ever achieved (the 2007 Lexus LS being the other to accomplish this feat). Ten years and two models is all it took before Tesla raced to the head of the pack, but with its new Model S leading the way, it appears that this is just the beginning of a very bright future for the automaker.
It was only last summer when the four-door Tesla first went on sale, but the premium electric sedan has quickly garnered praise, while boosting Tesla Motors’ reputation, as well as the company’s balance sheet. At the 2013 New York Auto Show, held in March, the Model S was named the 2013 World Green Car of the Year, solidifying itself as one of the most eco-friendly vehicles in the market. The Model S also got a boost from U.S. News & World Report, who placed it #1 in its “Luxury Large Cars” and “Hybrid Luxury” auto rankings, based on their analysis of 13 published reviews and test drives of the vehicle.
Sales have proven to back the critical acclaim, as 4,900 units were sold in 2013 Q1, exceeding the organization’s own optimistic expectations. This translated directly to the automaker’s financial statement, as Tesla posted its first-ever profit of $11.2 million, which drove shares up 24 percent shortly after the company announced its first-quarter earnings. The outlook continues to improve for CEO Elon Musk and his electric car start-up as production for the Model S is set to ramp up, coinciding with the model’s entry into new markets around the world, particularly Europe and Asia.
Although the fledgling carmaker’s progress has not always been smooth sailing, with many of its biggest challenges behind it, Tesla is well-positioned to truly make its presence felt in the global car market. As the Model S is a new vehicle, there is currently not enough historical data for Consumer Reports to deem it a “Recommended Buy” yet, but perhaps we should not be surprised if the new model can achieve that feat on top of everything else it has accomplished, thus far. It remains to be seen what is on the horizon for Tesla and its Model S sedan – particularly from a used price retention standpoint – but receiving the highest score ever in the history of Consumer Reports is certainly a good start.