NEW YORK (AP) — The Latest on Tesla’s quarterly results (all times local): 4:57 p.m. Tesla Motors delivered on CEO Elon Musk’s promise to make money during its latest quarter after fulfilling his pledge to…
NEW YORK (AP) — The Latest on Tesla’s quarterly results (all times local):
Tesla Motors delivered on CEO Elon Musk’s promise to make money during its latest quarter after fulfilling his pledge to boost production of its first electric car designed for the mass market.
The company earned $311.5 million during the three months ending in September, swinging from a loss $619 million at the same time last year. It’s only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years.
A big jump in Tesla’s output of its Model 3 car powered the breakthrough. The manufacturing increase and moneymaking quarter are two things that Musk promised would happen in early August.
Tesla’s stock soared 11 percent to $320.78 after the numbers came out Wednesday.
Tesla is showing some promising signs that it will make money as advertised in the third quarter, but Wall Street isn’t buying it.
The electric car and solar panel maker delivered more than 80,000 vehicles from July through September, and Musk told employees late in the quarter that it was close to profitability.
Still, of 15 analysts who follow the company, not one expects Tesla to make money. As a group, they expect a net loss of $173.8 million, or 95 cents per share.
Tesla and Musk have defied odds before. Musk told employees in late September that the company was close to proving naysayers wrong.