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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMeanwhile, unexpectedly, Tesla turned a 3Q Profit.
Tesla surprises with $312M profit for Q3 as Model 3 margins soar past 20%Teslas third-quarter earnings for 2018 saw the California-based carmaker beat Wall Street revenue estimates after posting $6.8 billion in revenue and beating earnings estimates with a GAAP profit of $312 million.
The results, which were posted in an Update Letter to investors after the closing bell on Wednesday, October 24, showed third-quarter earnings of $1.75 per share on a GAAP-basis, shattering analyst estimates of -$.19 per share. Revenue was $6.82 billion versus an estimate of $6.33 billion. The company reported an adjusted non-GAAP profit of $512M or $2.90 per share.
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Tesla posted a profit of $312 million, attaining the ambitious target set by CEO Elon Musk earlier this year. The electric car maker went through great lengths to reach profitability, from a 9% layoff across the company back in June to a massive delivery blitz in the third quarter that was augmented by volunteer owners who helped deliver vehicles to reservation holders.
With average weekly Model 3 production through the quarter (excluding planned shutdowns) of roughly 4,300 units per week, we achieved GAAP net income of $312 million. We also delivered on our internal cost efficiency targets, leading to GAAP Model 3 gross margin of more than 20%, which exceeded our guidance, Tesla stated in the update letter.
The results, which were posted in an Update Letter to investors after the closing bell on Wednesday, October 24, showed third-quarter earnings of $1.75 per share on a GAAP-basis, shattering analyst estimates of -$.19 per share. Revenue was $6.82 billion versus an estimate of $6.33 billion. The company reported an adjusted non-GAAP profit of $512M or $2.90 per share.
...
Tesla posted a profit of $312 million, attaining the ambitious target set by CEO Elon Musk earlier this year. The electric car maker went through great lengths to reach profitability, from a 9% layoff across the company back in June to a massive delivery blitz in the third quarter that was augmented by volunteer owners who helped deliver vehicles to reservation holders.
With average weekly Model 3 production through the quarter (excluding planned shutdowns) of roughly 4,300 units per week, we achieved GAAP net income of $312 million. We also delivered on our internal cost efficiency targets, leading to GAAP Model 3 gross margin of more than 20%, which exceeded our guidance, Tesla stated in the update letter.
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Meanwhile, unexpectedly, Tesla turned a 3Q Profit. (Original Post)
Algernon Moncrieff
Oct 2018
OP
This is why an all out campaign has been waged to personally assassinate Elon Musk.
PubliusEnigma
Oct 2018
#2
CaliforniaPeggy
(149,640 posts)1. This sounds like good news, and I hope it can be sustained.
PubliusEnigma
(1,583 posts)2. This is why an all out campaign has been waged to personally assassinate Elon Musk.
The product is amazing and unassailable.
It will kill the internal combustion engine dead.
Algernon Moncrieff
(5,790 posts)3. It's a great start
They need more charging infrastructure, but its getting there.
Some of the other projects - the solar roof and the whole house batteries, are also exciting.
Hermit-The-Prog
(33,356 posts)4. we need electric commuters
The other auto makers are too vested in the multiple revenue streams that come with petroleum powered vehicles.
Keep going, Tesla.
Also, it'd be nice if Musk would make those solar roof systems more widely available.