It is something that many said would be impossible to achieve,” Elon Musk wrote in the letter to investors from his company, Tesla, which unexpectedly posted positive earnings in the third quarter of this year. Tesla made a profit in the third quarter of 2018, reversing a nearly two-year negative Czech Republic Phone Number List trend and fulfilling the promise of Elon Musk , its CEO and founder, to turn its results positively.
This occurs after months of scandals in which Musk was involved, such as having threatened to stop listing on the stock market, something that earned him, in addition to a fall in shares, a warning from the authorities of the US government.
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The electric car giant’s deliveries of its Model 3 sedan reached 56,000, overcoming production delays and delivery problems.
Between July and September, Tesla made a record $ 312 million profit, falling outside the “red” for the first time since late 2016. It made $ 6.8 billion in revenue, above analyst estimates.
The data doubles the income record for the same quarter of the previous year.
If you analyze the profit per car delivered, it is also the first quarter with strong profit in its history, with just over $ 5,000 per unit, before taxes. In the third quarter of 2016 it had achieved a positive margin, but with very few vehicles delivered.
In parallel, Tesla shares rose 12 percent at the close of trading on Wednesday.
The $ 50 billion valuation automaker, Detroit’s biggest rival and headquartered in Silicon Valley, has once again won the enthusiasm of buyers for its battery-powered SUVs and sedans, but will have to keep fighting to prove it can. survive in a highly competitive industry replete with cheaper gasoline cars.
In a letter dedicated to investors, Musk took the opportunity to thank the trust and, at the same time, to shoot at those who criticized him. True to his high profile Phone Number List, he stressed that “sales of the Model 3 were fundamental to doing the business” and that it is “sustainable” despite the fact that “many argued it would be impossible.”
Musk called the results for the period “a truly historic quarter.”
Accelerate in China
In addition, Tesla said in the earnings presentation that it will accelerate its landing in China, where it announced that it will open a factory in Shanghai to possibly assemble the Model 3 for Chinese buyers in 2019.
Regardless, it must be remembered that Musk continues to be watched closely by the markets.
The eccentric billionaire smoked marijuana during a live interview and criticized investors, journalists and federal regulators and that, and delays in deliveries, resulted in the company he runs losing about a quarter of its value since the peak last August.