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Home / Business / Tesla reports a one-time quarterly profit, the largest of its kind so far

Tesla reports a one-time quarterly profit, the largest of its kind so far



The Tesla share closed at $ 288.50 on Wednesday before its gains were released, more than 20 percent since early August. The share rose 10 percent in aftermarket trading.

Tesla is expected to produce a cheaper version of the Model 3 with a price of $ 35,000 next year, and Mr. Musk has said that Tesla would lose money on this model. The company has produced it now. The lower-priced Model 3 is important because the $ 7,500 tax credit available to buyers of Tesla cars will be halved on January 1, and will expire in 2019, making the company's cars more expensive.

Tesla has recently begun offering a Model 3 at $ 46,000 as an intermediate step before it can produce the $ 35,000 version. "We do not really have the opportunity to get $ 35,000 right away," said Mr. Musk, but he said Tesla was "probably less than six months away."

Although Tesla is finally entering production, "The company is not yet off the hook," said Jeremy Acevedo, industrial analysis manager at Edmunds, a market researcher. "The $ 35,000 Model 3 remains a fantasy, and with the full tax credit for this car now off the table, it'll be interesting to see how many buyers are waiting for it to become reality." The quality of the Model 3 is also in question, as many customers have complained, cars with scratched paint, cracked windows and Receiving Other Defects

Consumer Reports on Wednesday lowered Tesla's reliability rank by six places to 27th place out of 29 automakers. The magazine said its members complained about the suspension in the company's full-size model S sedan.

The results report comes after several turbulent months for Tesla and Mr. Musk. Last month, the Securities and Exchange Commission sued Mr. Musk and accused him of securities fraud for and said on Twitter that he had "secured funding" to take Tesla privately at $ 420 per share. The plan turned out to be much less elaborate than he had suggested.

In order to settle the case, Mr. Musk agreed to step down as Chairman while retaining the title of Director-General. The S. continues to investigate the company's earlier claims about its production targets, and the Department of Justice has also addressed Mr. Musk's go-private tweet.


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