Tesla records impressive profit with Musk calling the quarter to be ‘historic’

Company - Mohit Shah - Oct 25,2018

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tesla records impressive profit with musk calling the quarter to be historic

The popular electric car-maker has registered a record $311.5m (£241m) during the third quarter till 30 September; CEO Elon Musk stays optimistic about the fourth quarter.

On Wednesday, Tesla announced its revenue statistics for the third quarter which revealed an impressive profit count worth $311.5m (£241m). These figures have indeed fulfilled Elon Musk’s promise to investors which he made at the start of this year.

In a letter written to investors, Musk termed the quarter "historic" and praised the organization’s "ingenuity and incredible hard work" that needs to be credited for these profits.

Interestingly, shares climbed more than 10% during after-hours dealing in New York.

Tesla has never testified an annual profit, and was recently stressed after its heavy spending for the launch of the Model 3; the newest car intended to spread to a wider market.

The electric-car giant was successfully in augmenting the deliveries of Model 3 sedan, which was noted to be 56,000. This profit report has emerged at a time when the company had been struggling with different federal probes and Musk’s recent tweet.

Tesla is wishing to start the production of its upcoming model in 2020, with further plans for a ride-hailing service, according to the company CEO.

This quarterly profit landmark should come as a motivation to the Tesla chief, who was earlier condemned for not completing his previous promises.

For the future, Musk hinted at projects which have been slated for long-term production, such as the Model Y crossover vehicle and a Tesla pick-up truck.