Tesla Surprises with $312 Million Profit in Third Quarter
October 24th, 2018Via: Autoblog:
Tesla is reporting that the Model 3 has gross margins of over 20 percent, which has in part driven Tesla into profitability.
Ahead of the earnings webcast, Tesla released a shareholder letter detailing its third-quarter results. According to the letter, Tesla has turned a profit — and a sizable one. The letter reports a GAAP (generally accepted accounting principles) net income of $312 million, driven by strong Model 3 sales. The news has sent Tesla stock soaring in after-hours trading, running about 9 percent up at the time of this writing.
