{"id":3590,"date":"2018-10-24T21:27:23","date_gmt":"2018-10-24T21:27:23","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/tesla-delivers-311m-quarterly-profit\/"},"modified":"2018-10-24T21:27:23","modified_gmt":"2018-10-24T21:27:23","slug":"tesla-delivers-311m-quarterly-profit","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/tesla-delivers-311m-quarterly-profit\/","title":{"rendered":"Tesla delivers $311m quarterly profit"},"content":{"rendered":"\n
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\"TeslaImage copyright<\/span>
\n Reuters<\/span><\/p>\n

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Tesla has reported a quarterly profit for just the third time in its 15-year history. <\/p>\n

The electric car-maker made a record $311.5m (\u00a3241m) in the three months to 30 September, as the pace of car deliveries accelerated. <\/p>\n

The result is a victory for chief executive Elon Musk, who had promised a profit to investors earlier this year. <\/p>\n

Tesla’s last profitable quarter came in 2016 and it had faced mounting questions about its finances.<\/p>\n

In a letter to investors, Mr Musk called the quarter “historic” and said it was a credit to the firm’s “ingenuity and incredible hard work”.<\/p>\n

He also said Tesla was on track to be profitable again in the fourth quarter.<\/p>\n

Shares jumped more than 8% in after-hours trading in New York.<\/p>\n

The results are a sign that the firm has turned a corner, said Nicholas Hyett at Hargreaves Lansdown.<\/p>\n

“Normally we’d tell investors to avoid reading too deeply into a single quarter’s numbers, but this quarter really counted at Tesla,” he said.<\/p>\n

<\/p>\n

Image copyright<\/span>
\n Reuters<\/span><\/p>\n

<\/span><\/p>\n<\/figure>\n

Tesla had been under strain after ramping up spending for its launch of the Model 3, its newest car aimed at a wider market.<\/p>\n

Following a surge of orders last year, it struggled to meet manufacturing targets and deliver cars to customers.<\/p>\n

That prompted worries about Tesla’s finances and fanned concerns that customers would get impatient and cancel orders.<\/p>\n

However, less than a fifth of the roughly 455,000 reservations the firm reported in 2017 have been cancelled, it said.<\/p>\n

Production has also picked up, driving sales.<\/p>\n

Tesla said last month it produced more than 80,000 vehicles, of which more than 60% were Model 3s.<\/p>\n

Revenue more than doubled to $6.8bn in the quarter, mostly from car sales.<\/p>\n

Job cuts and other reductions in spending also helped the bottom line.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Reuters Tesla has reported a quarterly profit for just the third time in its 15-year history. The electric car-maker made a record $311.5m (\u00a3241m) in the three months to 30 September, as the pace of car deliveries accelerated. The result is a victory for chief executive Elon Musk, who had promised a profit … <\/p>\n","protected":false},"author":0,"featured_media":3591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3590"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3591"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}