Tesla was back in the black during the third quarter of 2019
The electric car maker on Wednesday posted a surprise profit of $342 million. Wall Street had expected the company would post a net loss as big as $257 million.Tesla shares soared by up to 20% in after-hours trading. It marked the first quarter Tesla was profitable since the company posted back-to-back profits in the second half of 2018. Before that, Tesla had posted profits only twice since it went public in 2010 — once in 2013 and again in 2016.
"We have also dramatically improved the pace of execution and capital efficiency of new production lines," Tesla said in a letter to shareholders Wednesday."Gigafactory Shanghai was built in 10 months and is ready for production, while it was [about] 65% less expensive to build than our Model 3 production system in the US."Tesla Q3 results:- GAAP profitable— Elon Musk October 23, 2019 Tesla also reported that it brought in $6.
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