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Tesla/Newspress
Shares in the company jumped more than 16% after it announced profits of $15m (£9.65m) in the first three months of the year, on an annual turnover of $562m (£364m).
The California-based company beat revenue estimates by $70m (£45m) after selling 4,900 cars in the first quarter of 2013.
The results are the latest in a string of good news for the company, which began making the Lotus-based Tesla Roadster electric sports car in 2008.
Its latest model, the Model S, has received worldwide orders in excess of 20,000 vehicles since it was unveiled in 2012.
Tesla also announced it had poached Chris Porritt, Aston Martin's chief vehicle engineer, to work on its next range of cars.
Consumer Reports, the notoriously hard to please American car reviewer, awarded the Model S a score of 99 out of 100, the highest ever given by the publication.
The upturn in fortunes for Tesla is even more remarkable when compared to other US green-car start-ups, with Coda Holdings, makers of the all-electric Coda Sedan, filing for bankruptcy protection and Fisker Automotive hiring bankruptcy advisers.
But Tesla has kept its spark, largely thanks to the new Model S. The svelte all electric four-door saloon has a 300-mile range and can sprint from 0-60mph in just 4.4 seconds.
Tesla say the next step is to build up a three-model range with an electric SUV and a smaller saloon to rival the BMW 3-series, before returning with a second generation Roadster sports car.