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Tesla has posted a quarterly profit for the fifth time in a row and is now on track to be profitable in a full year for the first time in its history. Quarterly figures released Wednesday after the market closed were generally above expectations, with the share price initially rising more than three percent in after-hours trading. The electric car maker has done brilliantly on the stock market this year, since January the share price has increased nearly fivefold. The market capitalization is close to $ 400 billion, and no other automaker in the world is so highly valued on the stock market.
For the third quarter, Tesla reported net income of $ 331 million, the highest so far this year. The profit is put into perspective as the company has raised $ 397 million with emission points it receives from governments for the production of electric cars and can sell to other manufacturers. This business is very profitable and should be reflected in profit accordingly. Adjusted earnings per share of 76 cents was 19 cents more than analysts expected. Tesla’s net income for the first three quarters is $ 451 million and issue points are nearly $ 1.2 billion.
Werkbau in Brandenburg is progressing “fast”
In the last quarter, Tesla delivered nearly 140,000 cars, more than ever in its history. The company continues to meet its goal of reaching 500,000 vehicles year-round, but also admits that it is now harder to achieve. Tesla would have to clearly beat the record it just set and deliver more than 180,000 cars in the last quarter.
When the figures were presented, Tesla also announced that it was making “rapid” progress with the construction of the plant in Grünheide, Brandenburg. The first systems will be brought to theaters in the coming weeks, and production will continue next year. Tesla opened its first manufacturing plant outside of its American home in Shanghai late last year. In addition, construction work has begun on a second American automobile plant near the city of Austin in Texas. Tesla’s main plant is in California.
