It only took a decade, but Tesla is finally profitable.

Tesla announced late Sunday that it achieved profitability in the first quarter of 2013 for the first time in its history after posting better than expected sales of the Model S sedan. The company sold more than 4,750 of the cars, compared to a previous estimate that it would sell 4,500.

"There have been many car startups over the past several decades, but profitability is what makes a company real," Elon Musk, Tesla's co-founder and CEO, said in a statement. "Tesla is here to stay and keep fighting for the electric car revolution."

The car company has been bleeding money in recent years, reporting a net loss of $50 million in the first quarter of 2011 and a net loss of $90 million in the first quarter of last year. Tesla had long said that the Model S would lead to profitability once it started shipping, but then the company cut its revenue guidance in September due to slower car production.

Given those losses, some had criticized the U.S. government for providing Tesla with a $465 million low-interest loan. Republican presidential candidate Mitt Romney labeled the car company a "loser" during one of the presidential debates. Musk responded by noting that Tesla would be profitable by the end of 2012 (a little premature) and Tesla announced earlier this month that it would pay off the government loan five years ahead of schedule.

As significant as it is to become profitable, Musk is busy teasing another announcement for Tuesday that he says will be even more significant for the company:

First profitable Q for Tesla thanks to awesome customers & hard work by a super dedicated team teslamotors.com/about/press/re… — Elon Musk (@elonmusk) April 1, 2013





To be clear, Tesla is in California, so it is not April Fool's yet! Also, some may differ, but imo the Tues news is arguably more important. — Elon Musk (@elonmusk) April 1, 2013







Tesla's stock shot up nearly 15% in early trading Monday on the news.

Image courtesy of Tesla