Tesla announced Wednesday, October 24, its first profit in two years, ending on a positive note for the third quarter to black, marked by a investigation for “fraud” against Elon Musk, the iconic CEO, whose behavior freakish rout investors.
The manufacturer of electric vehicles has earned in the third quarter a net profit of 311,5 million, thanks to sales of its electric car entry, the Model 3, in which the volumes of production and delivery have increased significantly. This car, of which only the high range is currently marketed in the United States until the mid-range is supposed to transform Tesla into a mass producer.
Has Wall Street, the title won 11,37 % to 22 h 30 GMT in electronic trading following the close of the session. Tesla, which has advanced one week to the publication of its results, had suffered a loss of 619,38 million in the third quarter of 2017. It had made its last profit in the third quarter of 2016, of the order of 22 million dollars.
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It is a quarter ” truly historic “, are excited about Mr. Musk and Deepak Ahuja, the chief financial officer, in a letter to investors. “This is the redemption of Elon Musk,” responded Jeremy Acevedo, analyst at the firm Edmunds.com recalling that the contractor was in the process of winning his wager to transform the automotive sector to shots of electric technologies and autonomous.
If Mr. Musk had promised that the group, which burns a lot of money, would be profitable in the second half of the year, the financial community looked rather for the fourth quarter.
But the manufacturer of electric vehicles has accelerated the production of the Model 3, which was delivered 55 840 best Model 3s, the high-end model of this vehicle, which represents approximately 3 billion dollars in revenue. He has produced 5 300 units in the last week of September, which is in line with its objective.
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End of a black series
The Model 3 became the 5th car the most sold in the United States in the third quarter, according to Edmunds.com, and its margin reached 20 %, while Tesla was only 15 %.
The group in california, which also sells solar panels since the purchase of SolarCity, has, in addition, ended the quarter with a positive cash flow of 881 million, compared with $ 740 million in the second quarter, and had $ 3 billion in hand, compared with 2.2 billion at the end of June. These data are of a nature to appease the investors, who feared that Tesla never had to even borrow from the markets to finance its operations.
For Elon Musk, this performance closes a parenthesis difficult in which his capacity of boss have been called into question. He has been accused of “fraud” by the member of the stock Exchange, the SEC, after a tweet from August 7 in which he claimed, without offering evidence, have funds to remove Tesla from the rating.
The investigation by the regulator resulted in an amicable agreement according to which Mr. Musk has renounced the presidency of the board of directors of the company he co-founded. He also paid a fine.
