Tesla just turned a profit for the first time since 2016
Elon Musk recently promised that Tesla will be profitable "every quarter, from here on out." So far, he's not wrong.
The electric car company turned a $312 million profit in 2018's third quarter, it revealed in an earnings report Wednesday. Tesla has previously only profited in two other quarters, and this rare move drove shares up 10 percent on Wednesday afternoon, reports The Washington Post.
This surprising profit follows a wild ride for Musk, who recently faced a Securities and Exchange Commission lawsuit and had to resign as Tesla chairman. But Musk's promise of "Teslaquila" isn't what turned things around. It was likely that Tesla doubled production of its popular Model 3 Sedan and pulled a profit on the car, The Verge suggests.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Estimates put Tesla's third quarter revenue at $6.33 billion, but it actually brought in $6.82 billion, CNBC says. This propelled the company to its third quarterly profit since going public in 2010, and created what Musk called a "historic quarter" in his earnings report.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Will Donald Trump wreck the Brexit deal?
Today's Big Question President-elect's victory could help UK's reset with the EU, but a free-trade agreement with the US to dodge his threatened tariffs could hinder it
By Harriet Marsden, The Week UK Published
-
Marine Le Pen's fake jobs trial
The Explainer The far-right French leader could face a fine, jail time, and a five-year ban from public office if found guilty of embezzlement
By Abby Wilson Published
-
How to earn extra cash for Christmas
The Explainer The holiday season can be expensive but there are ways to bolster your festive finances
By Marc Shoffman, The Week UK Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published