Tesla Reports $312 Million Net Income Profit
Tesla CEO Elon Musk is all a twitter. His company’s third quarter earnings report posted a net profit of $ 312 million with a free cash flow of $ 881 million in reserves. Who’s ready for a Teslaquila shot?
It’s the carmaker’s first net profit in two years, thanks in part to its monumental Model 3 production goals that have been met.
“Q3 2018 was a truly historic quarter for Tesla. Model 3 was the best-selling car in the U.S. in terms of revenue and the 5th best-selling car in terms of volume,” said Tesla. “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—a first in two years.”
Production for a $ 35,000 version of the EV is still a dream on the horizon for diehards. But there is some good news, Tesla now offers a $ 46,000 version, give or take a grand—so prices are coming down.
Despite the ‘historic quarter,’ Musk will resign as chairman after paying a $ 20 million dollar fine to the Securities and Exchange Commission (SEC), along with a matching fine for Tesla for his ill fated tweet.
Am considering taking Tesla private at $ 420. Funding secured.
— Elon Musk (@elonmusk) August 7, 2018
No matter—there are rockets to launch, solar panels to shill, tunnels to tunnel, flame-throwers to fire, and spliffs to enjoy on “potcasts.” Tesla is looking forward to its next financial results call in the fourth quarter and so are we.
This shot is for you.