Tesla announces first quarterly profit in two years

Tesla has reported a third-quarter profit of $312 million, bringing an end to a streak of seven quarterly losses.

This was powered by an 82% increase in automotive revenue compared to the second quarter of 2018.

The success of Tesla’s Model 3 vehicle has driven this increase. Its production nearly doubled relative to the second quarter.

In contrast, labour hours for the Model 3 plummeted by over 30% – evidence of the significant optimisation of Tesla’s production process.

Meanwhile, Tesla’s energy business has also continued to develop. Tesla’s deployed energy storage has increased by 118% compared to the same time last year.

Tesla CEO Elon Musk has been the centre of controversy in recent months.

Musk tweeted that he was considering taking Tesla private and had secured funding, a move which sent share prices plummeting.

He was forced to step down as chairman of Tesla and had to pay a $20-million fine for his actions.

Now Read: Tesla ready to start production on Model Y

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Tesla announces first quarterly profit in two years