Tesla Shares Rise on Q3 Profit Beat


"Tesla did all of this despite the distractions around Elon himself, and the positive report reverses some of the damage that's been done".

Following a surge of orders a year ago, it struggled to meet manufacturing targets and deliver cars to customers.

Tesla chief executive Elon Musk said he expects the company to stay profitable from this point forward, and appeared to calm fears about his behavior, company debt, and snags ramping up production line efficiency. For the record, this would thrust Tesla into competition with Alphabet's (GOOGL) Waymo, Daimler (DDAIF) and Bosch's mobility-as-a-service platform (the former of which is the parent company to Mercedes and recently selected Nvidia (NVDA) to power its robo-taxi service), and General Motors' (GM) Cruise unit.

Tesla officials "were transparent about how hard it would be" to ramp up Model 3 production, said spokesman Kamran Mumtaz. But Tesla said it has not received any additional document requests, a subpoena, or a request for testimony from the DOJ about its public guidance for Model 3 production "for months". Musk was a bit reserved during the conference call, and his usual boasting style was absent most of the time.

The Journal reported that the criminal investigation is looking into production claims Tesla made starting in 2017.

According to Engadget, Musk said that the long-promised $35,000 Dollars (approximately $45,700 CAD) is less than six months away.

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The former employees received subpoenas earlier in the probe, and Federal Bureau of Investigation agents recently have sought to interview a number of them, sources said.

Orders for the company's Model 3 in Europe and China would be taken before the end of this year, Tesla said. The company on Wednesday posted a profit and positive cash flow, making good on pledges made by Musk earlier this year, as the company ramps up volume of its new sedan. As for cash flow, Tesla came out smelling like a rose. Tesla is in no danger of going bankrupt.

The electric auto maker posted a net income of $311.5 million ($1.75 per share) during the quarter ended on September 30th, which compares with a loss of $619.4 million ($3.70 per share) in the year-ago quarter.

If a company's cash burn continues over an extended period of time, the company is operating on stockholder equity funds and borrowed capital.

Hargreaves Lansdown analyst Nicholas Hyett said: "Production numbers earlier this month meant we already knew Tesla could churn out the cars, the question was whether it could it do it profitably, and even more importantly, could Musk wean the company off a constant flow of cash from investors?" Tesla owner forums and social media are filled with customers - several of whom spoke with The Times - who paid full price for their cars, in cash, but experienced weeks-long delays in delivery into October.