Tesla’s share price was up more than 3 per cent in after-hours trade on the results. — Reuters pic
Net profit in the quarter rose to US$331 million , up from US$143 million a year earlier, as revenue rose nearly 40 per cent to US$8.7 billion.“We continue to see growing interest in our cars, storage and solar products and remain focused on cost-efficiency while growing capacity as quickly as possible,” Tesla said in a letter to shareholders.
It delivered 139,000 vehicles in the past quarter, amid strong growth in its Model 3 car, the least expensive in its lineup.“Our most recent capacity expansion investments are now stabilising with Model 3 in Shanghai achieving its designed production rate and Model Y in Fremont expected to reach capacity-level production soon.
Caldwell said that if Tesla is able to deliver on its promise for an electric car priced at US$25,000, “hat could be a gamechanger for not just the company, but the entire industry.”
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