Tesla has reported a quarterly profit for just the third time in its 15-year history. Company founder Elon Musk called the quarter “historic” and a credit to the firm’s “ingenuity and incredible hard work”. The company is also on track to be profitable again in the fourth quarter of this year - so is the start of things to come for Tesla or is this a one off?
Of course, reductions in spending and job cuts will enhance the bottom line figure but I thought it was pleasing to read some good news on the brand after the press were very quick to report on the companies struggles to meet manufacturing targets and the company finances earlier this year.
Shares jumped more than 8% in after-hours trading in New York and the result is a victory for Chief Executive Elon Musk, who had promised a profit to investors earlier this year.
Next year Tesla plans to start selling Model 3s in Europe and China so it will be interesting to see how this brand performs over the next 12 months.
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 (£241m) in the three months to 30 September, as the pace of car deliveries accelerated.